Precis of Minutes of the Dublin / Ireland Ordinary General Meeting of the Association of National Numbering Agencies held in on June 4 & 5, 2015

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1 Management Summary of 2015 for ANNA For the Association of National Numbering Agencies membership, the year of 2015 might have seemed to be quite turbulent and hectic year, with the changing over of ANNA Board members, the persistent attacks on the ISIN and ANNA from Bloomberg and other Actors in the market place and the changes to the CFI and FISN standards. For the first AGM in Dublin, there were 48 ANNA members physically present at the meeting and 30 additional members were represented through a Power of Attorney. This resulted in an attendance of 87.6%. For the second EGM in Costa Rica, there were 30 ANNA members physically present at the meeting and 38 additional members were represented through a Power of Attorney. This resulted in an attendance of 75.6%. Bloomberg s activities dominated the topics throughout the year with their continued aggressive marketing of the FIGI and Open Standards. It was stressed to the delegates that more aggressive arguments should be put out illustrating why the ISIN is fit for the purpose. This saw an increased budget need for marketing from ANNA to ensure that the case of a fit for purpose ISIN was being heard. A strong letter was drafted to counter the Bloomberg misinformation, which was ultimately delivered to the ISO and the European Commission. Halfway through the year we witness the growing need for an OTC derivative with ESMA announcing that the ISIN would be the mandatory identifier for all regulatory reporting. This saw ISDA announcing their Symbology working group on the 19 th September, which caused ANNA to have to become more proactive and engage with the Regulators and ISO on how best to achieve the Regulators goal. In December, IOSCO delivered a consultation paper, which ANNA immediately went to work on and produced a strategy to ensure that the ISIN would be fit for purpose. As the year turned over, ANNA was making plans to become very instrumental in driving the TC68/SC4 Study Group to ensure that the ISIN would be adopted successfully for OTC Derivatives. Precis of Minutes of the Dublin / Ireland Ordinary General Meeting of the Association of National Numbering Agencies held in on June 4 & 5, 2015 Minutes of ANNA Ordinary General Meeting in Dublin / Ireland Opening and welcome: Dan Kuhnel (DK), in his capacity as the ANNA Chairman, welcomed all the ANNA members, partners and guests to the meeting. DK warmly thanked the members of the Irish Stock Exchange (ISE) for hosting this Ordinary General Meeting and for all of their efforts and assistance to the members that contributed to making the organisation of this meeting a success.

2 Speech by Mr Simon Harris TD: Minister of State at the Departments of Finance with Special Responsibility for International Banking (including IFSC) who outlined some of the noted importance of financial standards especially mentioning the LEI (Legal Entity Identifier) to which the ISE is an important contributor in its function as pre-lou (pre-local Operating Unit). He went on to outline the initiative Instrument for Stability (IFS) which is a very important project for the Irish Financial Market. An IFS meeting will be held in January 2016 in Dublin. Welcome Message: Mr Brian Healy, Director, Traded Markets, Development, Operations; of the Irish Stock Exchange gave a warm welcome to all ANNA delegates and partners, noting it was an honour for the ISE to host the ANNA Ordinary General Meeting. Mr Healy gave an overview on ISE structure. ISE owns four trading platforms (three in Ireland and one in Malta). A strategic partnership exists with the Deutsche Börse Group as well as with Euroclear Bank. Review of Extraordinary General Meeting action items from Bali, November 2014: The main topic of the presentation focused on the developments with the ISO Central Secretariat, TC68 & SC4 regarding Bloomberg s FIGI initiative (Financial Instrument Global Identifier) a parallel numbering scheme intended to compete with the ISIN. Scott Preiss (SP) informed the delegates about the continued aggressive marketing by Bloomberg and stressed to the delegates that more aggressive arguments should be put out illustrating why the ISIN is fit for the purpose. ANNA should prepare and send a letter to ISO urging them to support existing ISO standards. This letter should be endorsed by all ANNA members to add further weight to the proposed content. This should also be raised to the attention of local regulators due to functions NNAs hold as CSDs, stock exchanges etc. In addition, NNAs should also use their influence via their local standards bodies. Financial report 2014 Resolutions related to the Financial Report 2014 as well as financial documentation related to 2015 were sent to the membership prior to the General Meeting. The ANNA Treasurer, Mr György Dudas (GD), highlighted in his presentation some key developments. GD outlined the current status of the court case in Belgium with regards to additional taxation followed by an audit by the tax authorities. The agreement reached is beneficial for ANNA so it was also decided as a result not to continue exploring the relocation to Switzerland. A tax rate of 25% of the annual received benefit (i.e. revenues from ASB sales to external customers) applies, i.e. not all credits will be taxed. EUR 110,000 has already been rebated by the tax authorities. It was confirmed that no annual ANNA membership fees will apply for Future Contributions will be made by the members through the usual credit-/debit note procedure. Resolution 1: The General Assembly accepts the audited financial figures of ANNA for the financial year 2014 with a balance sheet total of ,00 and a profit of EUR 9.533,67. The profit and loss account take in consideration a rebate of EUR ,96 (EUR ,81 per member) to ANNA members in accordance with article 28(c) of the by-laws. Resolution 2: The ANNA members accept the report issued by the external auditors KPMG, Belgium. Resolution 3: The ANNA members give kudos to the Board of Directors of ANNA.

3 Membership Guidelines Martin Paladino (MP) began his presentation by explaining the need for these Guidelines that led to the resolution taken in 2011 at the EGM in Jordan. All members and partners were asked in 2012 to acknowledge the Guidelines by returning a signed hardcopy back to the ANNA Secretariat. As the Guidelines are a living document, they are updated on a regular basis by the Board members and any proposed amendments are voted on by the members at the next possible GM. For this General Meeting, the Board proposed one amendment with regards to the Nomination Committee composition. Resolution 4 was agreed unanimously: The ANNA Members approve the proposed amendment of the Membership Guidelines, regarding Nominations for ANNA Board or ASB Technical Committee elections Nomination Committee Applications for full membership As a result of the transition from Partner to full Member, the ANNA membership is now at 90 full members and 26 partners representing 122 countries (UEMOA representing several countries). ANNA Service Bureau Scott Preiss (SP) reminded members that quality matters the fact that the same figures that are being marketed by Bloomberg re FIGI coverage could be reached within the ASB by combining existing ISO standards, e.g. ISIN+ MIC. ASB Technical Committee Chair Report incl. ASB 2014 status Nourredine Yous (NY) started his presentation by outlining that there could potentially be new pricing (as of 2016) and the new record structure implementation by the ANNA membership. It was decided that the old record structure would only be provided in parallel with the New Record Structure until November 27, Election of two Board Members and one ASB Technical Committee Member Uwe Meyer (UM), as a member of the nomination committee, reminded the delegates of the results of the nomination process for the open ANNA Board seats - with three ANNA members receiving sufficient nominations (Egypt, Poland and Mexico) for the two seats on the ANNA Board. As both current holders of the seats (Argentina and Hungary) did not stand for re-election, two new Board members had to be elected. As is the protocol prior to elections, each candidate is given an opportunity to speak to the members. Mrs Zazil Miranda Gonzales (Mexico), Dr. Tarek Abdel Bary (Egypt) and Mr Slawomir Zajac (Poland) each gave a short verbal overview as to why they should be considered for election to the Board. MCDR Egypt, permanently represented by Dr. Tarek Abdel Bary and Indeval Mexico permanently represented by Mrs Zazil Miranda Gonzales were elected for a 3-years-period (until end of 1st General Meeting in 2018) and with the announced results, both thanked the delegates for their trust. Their mandates will be exercised unremunerated. Status and implementation of ISO Standards and ISO Registration Authority Agreements There was an overview of the ISO 6166 Registration Authority Reporting requirements and the feedback received from the ISO Central Secretariat on the 2014 report submitted by ANNA. ISO is requesting more details to understand the basis for calculating the ISIN allocation fees from those NNAs that levy a charge, as any fees have to be on a cost-recovery basis. The RA Agreement discussions for the new ISO (FISN) standard three new clauses were imposed which required approval by the membership through a resolution. Also no Intellectual Property Right (IPR) would be imposed by any ANNA member. ISO seek to avoid a similar situation as arose with the ISO 6166 standard. Resolution no. 5: The ANNA membership agrees to the concept presented by ISO CS that data issued or obtained by the RA or agencies solely for the construction and implementation of the ISO standard shall be available to the users of the standard without any access and use restrictions; as well as a revised termination clause that permits both parties to terminate at any time without a reason upon 6 months written notice. ISO (CFI Classification of Financial Instruments) The revision of the ISO standard underwent key revisions to include a broadened scope to include derivatives as a new category and structured products being merged into existing categories as well as some other instrument category changes. This included a new category being introduced for collective investment

4 schemes replacing the use of the EU group. There were two subgroups dealing with an impact analysis for the implementation of the revised CFI standard and a second one working on developing the CFI Guidelines. Results of these two efforts were to be made available at the end of August. ISO 18773/18774 (FISN Financial Instrument Short Name) The FISN DIS obtained approval in September As received comments and modifications were not deemed major, it was agreed to go directly to publication which is now only pending the signature of the RA Agreement between ANNA and ISO. TC68 SAG (Standards Advisory Group) The members informed that the SAG has already made significant progress on drafting a standard to define classifications of entity legal forms that exist within jurisdictions. These are required for the LEI record. In a meeting held at the end of August, the CD (Circulated Draft) should be finalized for voting between September and November so that a DIS could be issued early After the formal establishment of the GLEIF in June 2014, the organisational structure incl. hiring of staff is being built. The GLEIF Board was working with the pre-lous on a Master Agreement, as well as on documentation for the Accreditation process, which LOUs are presently undergoing. Marketing activities ANNA s marketing activities involved historical aspects and ANNA s values. More focus by the ANNA Board has been put on developing a public relations program with the ultimate goal being to increase ANNA s visibility and perception in the global marketplace. Reports from Working Groups, Task Forces and Regional Groups WG1 Assisting Emerging Markets report outlined several aspects of members and partners rights and obligations in more detail. Special focus is currently put on compliance issues. ANNA members were reminded that for the New Record Structure data being submitted, all fields should be supplied even for the fields classified as optional as this is only meant to be a technical term, i.e. a non-population of these fields would not lead to a rejection of the record. But the more content the ANNA members can provide, the more value the products have to the users and thus further advantages of buying the ASB products could be marketed. WG2 ISIN Quality and Guidelines report reminded the members that WG2 is always available to provide any assistance required, at any time, to all ANNA members with regards to ISIN allocation matters and/or interpretation of the ISIN Guidelines. TF20 (Implementation of new standards) FISN is defined as being part of T2S (Target2 Securities) messages but according to European Central Bank only the 35-digits structure is currently compulsory. Content is not checked yet as the standard is not published yet. Since the FISN standard, as well as the revised CFI standard are both important elements of the ASB New Record Structure, NY proposed that the ASB TC should take over the tasks of TF20 and that TF20 should be disbanded. Minutes of the WGs and TFs are uploaded to the members area of the ANNA website and are, therefore, available for viewing and reference at any time. Next meeting On behalf of Central de Valores de la Bolsa Nacional de Valores (Costa Rica) Mr José Rafael Brenes Vega invited the ANNA Membership to attend the next Extraordinary General Meeting and Workshop being held from 11th 13th November 2015 inclusive and to be hosted in San José, Costa Rica. A short video was played highlighting the features of Costa Rica. Registration forms and hotel information will be sent out in due course.

5 Precis of Minutes of the Extraordinary General Meeting of the Association of National Numbering Agencies held in San José / Costa Rica on November 12 & 13, 2015 Minutes of ANNA Extraordinary General Meeting in San José / Costa Rica Opening and welcome: Dan Kuhnel (DK), in his capacity as Chairman, welcomed all the ANNA members, partners and invited guests. DK thanked the members of CEVAL for hosting this Extraordinary General Meeting and for all of their combined efforts that contributed to making the organisation of this meeting a success. Welcome Message: Mr. Orlando Soto Enriquez, Chairman of the Board of the Stock Exchange gave a warm welcome to all the ANNA delegates and partners; noting it s an honour for CEVAL to host the ANNA Extraordinary General Meeting. Mr. Soto gave an overview on the status and activities of CEVAL in its function as CSD for Costa Rica - which is this year celebrating its 40th anniversary. An application by Interclear has been received by ANNA to replace CEVAL as ANNA member and as National Numbering Agency in Costa Rica. One of the goals of Interclear will be to integrate more ISO standards in the Costa Rican capital market. In the Costa Rica, securities market public bonds play a fundamental role for meeting funding requirements. Speech by Mr Carlos Arias Poveda, Superintendent, SUGEVAL(Securities Market Regulator) Mr. Arias opened his speech by welcoming all delegates to the ANNA EGM. The current capital market structure provides an efficiently working market to ensure liquidity. Investment funds are an important instrument type for the local market. One of the goals for the near future is the approval of the functionality of the secondary market. Review of Ordinary General Meeting action items Dublin, June 2015: The report by the Chairman provided a status report on Action Items resulting from the June 2015 General Meeting in Dublin. This included an overview of the current membership numbers and associated business composition. The main topic of the report focused on the developments with the ISO Central Secretariat, TC68 & SC4 regarding Bloomberg s FIGI initiative (Financial Instrument Global Identifier). The draft letter from ANNA to ISO was finally circulated to the members before the General Meeting and the members were requested to revert to the Secretariat by November 27 should they not want to be included as signatory to the letter. The Board focussed very much on ensuring the right tone was inherent in the letter. The letter was sent to ISO when the above deadline is reached - but the Board made particular note that the letter should not be distributed in the public domain - neither by ANNA nor by the NNAs. The intention of the letter was for the NNAs to have the compiled arguments in their pocket in case they are contacted by the market about Bloomberg activities in this space. Update on ANNA s strategy: The ANNA marketing should espouse that NNAs generate some added-value when performing their role as Registration Authority Agencies for ISO Standards in their respective markets. The need to re-assess ANNA s strategy was driven by several factors such as the Registration Authority (RA) role for ISIN not being guaranteed by ISO, the RA role for CFI being removed, and particularly that ISIN and ANNA are currently under attack as illustrated by Bloomberg s (BBs) initiative to promote the FIGI and to have it adopted as ISO standard (in addition to the already approved status as OMG standard). One element of Bloomberg s self-promotion was achieved by spreading misleading and incomplete information especially with regards to ISIN and ANNA s activities. Hence, preventative actions needed to be taken by all ANNA members.

6 Adopt or generate ANNA s own standards: members should inform the Board on needs for new standards expressed by their local markets. As an additional current item to be monitored Block chain was mentioned (an audit trail on Bitcoins). ISIN could play an important role so we should turn the potential threat into an advantage. Members are requested to contact the Board with their views. Making ANNA visible: in case ANNA and/or ISIN are attacked we must be able to react with facts. A new short-term goal for ANNA is deriving a solution linked to the allocation of ISINs for OTC derivatives. This is mandatory as the European Regulator ESMA appointed the ISIN to be the sole identifier under MIFID II regulation; ISDA (International Swaps and Derivatives Association) is looking closely whether ANNA would be in the position to allocate ISINs for all OTCs worldwide on a virtual real-time basis. Financial forecast 2016 A resolution related to the Financial Forecast as well as financial documentation were sent to the membership before the General Meeting. The ANNA Treasurer, Dr. Tarek Abdel Bary (TA), highlighted in his presentation some of the significant aspects. TA outlined the latest status of the court case in Belgium with regards to additional taxation followed by an audit by the tax authorities. The agreement reached is beneficial for ANNA, so it was also decided as a result, not to continue exploring the relocation to Switzerland. A tax rate of 25% of the annual received benefit (i.e. revenues from ASB sales to external customers) applies, i.e. not all credits will be taxed. EUR 113, has already been rebated by the tax authorities. For the years 2006 and 2007 rebates are to be received. It was also confirmed that for 2016 no annual ANNA membership fees will apply. Resolution 1: was passed unanimously: The members approve the ANNA budget for the 2016 financial year as presented by the Board of Directors with the member s contribution of EUR 0 per member; total income of EUR 391.5k total expense of EUR 557.7k and an expected loss of EUR Membership compliance The ANNA Board has been focusing on, e.g. ISIN and CFI allocation, data quality, attendance at General Meetings (one meeting in 2 years at a minimum) as well as membership status (e.g. transition period between ANNA Partner and Full Member shouldn t take more than 2 years). The Board had decided to split geographical responsibilities in case members/partners would have to be contacted with regards to compliance matters. The following areas had been looked at by the Board. Application for full membership was received by Banco Central de Uruguay, where Mr Marcelo Vidoni gave a short speech introducing their financial market. The application for membership was unanimously endorsed by the members. The NNA function has been transferred by CEVAL to Interclear, the ANNA members had to vote on the application for full membership by the new legal entity. As a result of the applications, the ANNA membership now stands at 91 full members and 25 partners representing 123 countries (UEMOA representing several countries). ANNA Service Bureau Scott Preiss (SP) gave a presentation on the Operator s Report on ASB quality matters on some volume statistics as well as on the core: quality issues on issuer and instrument data. Data quality related customer complaints continue to be the main concern. A few examples on specific on-going operational challenges were presented. The lack of quality/accuracy in the Issuer Name (Long) field is still a key area of concern. Some NNAs are not providing the complete Issuer Name that is recorded in the legal offering documentation. A remaining open item is for mutual/trust funds where some NNAs are inputting the Fund Manager or Financial Advisor in the Issuer Name (Long) field and the name of the Fund in the Issue Description Field. A global data vendor Interactive Data will sign a 3-years-ASB agreement for a total amount of 675K. SP introduced a potential opportunity for ANNA and the NNAs by an offer of 3rd party to build an ISIN request routing hub, i.e. effectively a book-running system.

7 Status and implementation of ISO Standards Update on RA Agreements ISO (ISIN and FISN), the latest contract negotiated with ISO on the RA Agreement for ISO (FISN) ISO introduced several amendments that after approval by the members at the Dublin meeting were incorporated in the final template. Finally, the agreement was executed between ANNA and ISO on October 23, ISINs for OTC Derivatives The presentation on OTC Derivatives started with a quote from an ISDA working group that OTCs have not had that kind of standardized identifier, like the International Securities Identification Number. How this will be dealt with is one of the biggest challenges facing the industry." It was logical that ANNA, ISO and ISDA cooperate in this subject matter through a Study Group. ISIN and CFI are the key components for these discussions. OTC Code E Z Unique 9 Digit Code 1 Generated Unique Codes Check Digit Will Work for OTC Derivatives Non Standardised OTC Derivatives - (12 char) Unique ISIN Identifier A specific prefix already reserved by ANNA for OTC derivatives (EZ) could be used. With regards to volumes the figure of 700 billion codes required in real-time over a period of 10 years was indicated in initial talks. 22 trillion codes would be possible using an EZ prefix ISIN. 2 Digits 9 Digits 1 Digit = 12 Digits ISIN - OTC Derivatives Identifier Code ANNA had started work on understanding the needs of the Derivatives market place and prepared a paper that would be used to work with ISO to initiate a Study Group with industry partners. It was made clear that no ISIN codes should ever be re-used and that duplicate ISINs would not be tolerated in this new world. ISO (CFI Classification of Financial Instruments) Key changes to the CFI include a broadened scope (derivatives as new category and structured products being merged into existing categories), some category changes (new category introduced for the investment schemes replacing use of EU) but also the removal of the Registration Authority function. Two sub-working groups under ISO TC68/SC4/W6 have developed CFI User Guidelines as well as an Impact Analysis outlining the changes in detail. Both documents are uploaded to the ANNA website (impact analysis only in the login area). TF20 (Implementation of new and revised standards) now needs to look at the implementation plan for all NNAs to migrate to the new version of ISO well in time before MiFiD II as CFI is an important element of this regulation. Target date should be September Study Groups TC68 and SC4 (Overlapping Standards and Financial Instruments Identifier) Both Study Groups have been created due to resolutions taken at this year s ISO TC68 s Plenary meeting. Both have started working on their tasks through initial conference calls. The expected outcome of the SG on Financial Identifiers is a landscape of existing IDs for Financial Instruments. It was commented that Bloomberg, whose representatives are members of both SGs, try to use the groups for research so this could be afterwards used against ANNA and ISIN. Legal Entity Identification Current LEI developments include accreditation process of the current pre-lous (as well as other organisations not having been endorsed pre-lou before) as well as some consultations on LEI for branches and individuals. In addition, ROC is looking into so called Level-2 data (direct and ultimate parent) which will be a special challenge. It is good to see that more and more regulations impose LEI.

8 Marketing activities It was explained that due to the ongoing attacks by Bloomberg on the ISIN, each member needs to be more active in promoting ANNA and ISIN in their jurisdictions. To support the members, a general presentation on ANNA is available in the login area (this could also be translated into Spanish). Members should use this presentation in their presentations for the local markets. The advertisements created for ANNA s marketing use could also be used by the NNAs in their markets, e.g. in their Newsletters or as external advertisements in local market publications. It was suggested that online webinars on a local and regional basis could be organized by ANNA. The Board will look into it. CGS could assist as they have already experience. A marketing strategy needs to be elaborated differentiating between a push strategy (e.g. through regulator contact in the local markets) and pull strategy (raising ANNA s visibility). This would also raise Google visibility/ranking. Reports from Working Groups, Task Forces and Regional Groups WG1 Assisting Emerging Markets: A report was supplied that outlines several aspects of the members and partners rights and obligations in more detail. WG2 ISIN Quality and Guidelines It was reported that India had recently joined the group so the Asian region is also represented in the group. TF20 (Implementation of new standards) TF20 needs to look into CFI and FISN implementation as well as into the development of FISN Guidelines and the maintenance of the CFI Guidelines. The Board would ask Nourredine Yous for confirmation on his continuing convenorship or a new convenor would be appointed. Appointment of nomination committee for ANNA Board election spring 2016 Upcoming General Meeting two seats are up for election: Germany and the United Kingdom for the ANNA Board. IK and GD agreed to assist DK in his capacity as Chairman of the Nomination Committee for the nomination process. Miscellaneous The members were shown the redesigned ANNA website, it was stated that input/comments by all members are welcome. Next meeting On behalf of Central Depository of Armenia, the ANNA Membership were invited to attend the next Ordinary General Meeting (to be held on 2nd and 3rd June 2016), which will be hosted in Yerevan, Armenia. A short video was played highlighting the features of Armenia as a meeting location. Registration forms and hotel information will be sent out in due course.