Equity Capital Agreement

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Equity Capital Agreement Powered By Docstoc
					                    In green are those combination for which there is no noticeable differences between among the countries having replied as from 20/10/2004
                    In orange are the combination for which some countries have many additional requirements (identified in blue).
                    In rose are those events with very different combinations (identified in red) that needs to be reviewed prioritarily.
                    Not enough data to compare

                    In the green section, there may be some blue or red highlights as well

                    Where there is no colour the first harmonisation review has been completed

                    In plum are those events considered 'complex', see the 'complex' worksheet for additional information


                    In VOLU events use of NOAC option is at the discretion of the account servicer


                    Principle: From the SMPG meeting in Rome, November 2004, page 8 of the minutes:

                                           ... the option code should indicate the benefit (what you get), the main impact of this is
                                           that the option code for redemptions and conversion should be CASH and not PUTT.

                                           However, note the CAOP usage rule –
                                           “If for an exercise of warrants or an exercise of rights, the proceeds are known, the more
                                           precise codes like CASH, SECU, CASE or NOAC should be used. If the proceeds are at
                                           issuer choice, ie, the proceeds are not known upfront, EXER should be used.
                                           If for a conversion event, the proceeds are known, the more precise codes like CASH,
                                           SECU, CASE or NOAC should be used. If the proceeds are at issuer choice, ie, the
                                           proceeds are not known upfront, CONV should be used.
                                           Option code EDVO should be used for fully paid securities and IBBO for rights or other
                                           form of entitlement such as coupon, bonus rigths,...”
                                           CAOP//PUTT will be deleted in SR2006

                    Distinguishing between options announced by the issuer and those offered additionally by the account servicer:
                                          Shown in red eg BUYA, LAPS, SLLE

                    No Action - CAOP//NOAC
                                        See item CA23 from the November 2004 SMPG meeting:
                                        "NOAC is an implicit default if not supplied for voluntary events, it may be supplied, ie be
                                        offered as an option explicitly.
                                        However, NOAC is not necessarily the default when included as an option for a choice
                                        (CHOS) event. In this case an election of NOAC should be acknowledged with an MT
                                        567 status message indicating that the instruction has been accepted and will be acted
                                        on."

          MAND      CASH                   } indicates two forms of the event - MAND with a CASH option and MAND with a SECU
                                           option - NOT MAND with CASH and SECU - which would be CHOS
          MAND      SECU                   }




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                  Intro                                                                 1 of 105
                                                            GLOBAL GRID                                        US                                               LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                               CAMV CAOP Definition / comments                  CAMV CAOP Definition / comments   CAMV CAOP
                          MAND n/a         Retained in SR2006 maintenance on a second vote until an
                                           alternative is available for this reference data change
                                           Not considered as a Corporate Actions
ACTV - Trading status
active
                                           SR2005 Definition "Trading in security has commenced or
                                           security has been re-activated after a suspension in trading"

                          MAND SECU        SR2005 Definition "The combination of different security types
                                           to create a unit. Units are usually comprised of warrants and
ATTI - Attachment                          bond or warrants and equity. Securities may be combined at
                                           the request of the security holder or based on market
                                           convention."
                          VOLU SECU
                          VOLU CASH        SR 2006 Definition "Offer to existing shareholders by the
BIDS Repurchase Offer                      issuing company to repurchase equity or other securities
                                           convertible into equity. The objective of the offer is to reduce
In SR2006 name                             the number of outstanding equities."
becomes :
Repurchase Offer/Issuer                    Always initiated by the issuer.
Bid/Reverse Rights                         Always VOLU


                                           SR2005 Definition "Issuer bid; Reduction of circulating shares;                                                                                        VOLU SLLE
                                           Reverse Rights. Offer by Issuing Company to existing                                                                                                        CASH
                                           shareholders to repurchase the company‟s own shares or other
                                           securities convertible into shares. Repurchase offer may
                                           include the distribution of renounceable or non renounceable
See the 'Complex'                          rights. Objective of this offer is a reduction in the number of
worksheet in order to                      outstanding shares."
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




                          MAND SECU        SR2006 Definition "Bonus, scrip or capitalisation issue. Security
BONU - Bonus Issue                         holders receive additional assets free of payment from the
                                           issuer, in proportion to their holding."
In SR2006 name
becomes:                                   SR2005 Definition "Attribution Gratuite (FR); Scrip Issue (GB);
                                           Capitalisation Issue. Security holders are awarded additional
Bonus                                      assets free of payment from the issuer in proportion to their
Issue/Capitalisation                       holding. A bonus issue is typically represented by shares,
Issue                                      rights, or warrants. Nominal value does not change. Holder
                                           may be offered choice of form."
                          CHOS SLLE        Used for bonus rights events, distributed by CAEV//RHDI with                                                                                           CHOS SECU
                               SECU        RHDI indicator of BONU                                                                                                                                      with (DFLT
                               BUYA                                                                                                                                                                    Y)
                               LAPS                                                                                                                                                                    CASH




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                                                          GLOBAL GRID                                     FI
CA Event Indicator        CAMV CAOP        Definition / comments                                          CAMV CAOP Definition / comments
                          MAND n/a                                                                                  n/a


ACTV - Trading status
active



                          MAND SECU                                                                                   n/a

ATTI - Attachment


                          VOLU SECU
                          VOLU CASH        When centralized
BIDS Repurchase Offer

In SR2006 name
becomes :
Repurchase Offer/Issuer
Bid/Reverse Rights


                                           French Market confirms the explanation that this event can
                                           be proposed by the issuer under two different ways :
                                           The impacts for the shareholders are different depending
                                           on the option chosen.
                                           1. On the Market : option = SLLE -> The shareholder will
See the 'Complex'                          get the cash on a ongoing basis. The shares are sold in
worksheet in order to                      the Market and there is only one buyer : the issuer.
distinguish between                        Brokerage fees are charged to the shareholder;
BIDS, CHAN, CONV,                          2. Centralized : option CASH -> The shareholder will get
EXOF, MRGR, TEND                           the cash on an identified paydate (so after the closing of
                                           the offer and consequently later than a processing through
                                           the market). The shares are delivered to a centralizing
                                           agent and there is no charge for the shareholder.


                          MAND SECU
BONU - Bonus Issue

In SR2006 name
becomes:

Bonus
Issue/Capitalisation
Issue

                          CHOS SLLE        Attribution gratuite avec droits non-négociables
                               SECU        The use of the CASH option refers to the processing of
                               BUYA        fractions.
                               LAPS        For bonus issues in France, processed with non
                                           negotiable rights (Type of event = CHOS), issuers
                                           propose a Cash indemnification when, according to the
                                           ratio, shareholders may be not in a position to present all
                                           their rights.
                                           Consequently, in the case of a client having itself several
                                           underlined clients, an answer is required in order to know
                                           the exact number of new shares that the financial
                                           intermediary will ask to the issuer.
                                           Example : ratio 1 new share for 10 shares held.
                                           Case of a main client with a holding of 100 parent shares.
                                           Several underlined clients hold less than 10 parent shares
                                           and only one underlined client holds 10 parent shares.
                                           The instructions received by the French sub-custodian
                                           must be :
                                           on 10 shares => SECU in order to receive 1 new security
                                           on 90 shares => CASH in order to receive the cash
                                           indemnification which will be paid to the underlined clients
                                           who hold less than 10 parent shares.
                                           Finally, the issuing Company will know the exact number
                                           of new shares to issue.




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                                           SE        GLOBAL GRID                 NO                                AU                                          CH
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments       CAMV CAOP Definition / comments   CAMV CAOP Definition / comments             CAMV CAOP Definition / comments
                          MAND n/a


ACTV - Trading status
active



                          MAND SECU                       n/a                                n/a                               n/a                                         n/a

ATTI - Attachment


                          VOLU SECU                       n/a
                          VOLU CASH
BIDS Repurchase Offer

In SR2006 name
becomes :
Repurchase Offer/Issuer
Bid/Reverse Rights


                                           VOLU EXER      In this case you can
                                                LAPS      have rights
                                                SLLE
                                                (when     Used in ONE event
                                                offere    "RIGHTS STYLE"
See the 'Complex'                               d
worksheet in order to                           commi
distinguish between                             ssion-
BIDS, CHAN, CONV,                               free by
EXOF, MRGR, TEND                                issuer)

                                                 BUYA
                                                 SLLE


                          MAND SECU
BONU - Bonus Issue

In SR2006 name
becomes:

Bonus
Issue/Capitalisation
Issue

                          CHOS SLLE
                               SECU
                               BUYA
                               LAPS




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                                           JP        GLOBAL GRID             ES                                UK&IE                             DK                                DE
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a


ACTV - Trading status
active



                          MAND SECU                                                      n/a

ATTI - Attachment


                          VOLU SECU
                          VOLU CASH                    Repurchase Offer
BIDS Repurchase Offer                                  Tender Offer

In SR2006 name
becomes :
Repurchase Offer/Issuer
Bid/Reverse Rights




See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




                          MAND SECU
BONU - Bonus Issue

In SR2006 name
becomes:

Bonus
Issue/Capitalisation
Issue

                          CHOS SLLE
                               SECU
                               BUYA
                               LAPS




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                                                            GLOBAL GRID
CA Event Indicator        CAMV CAOP        Definition / comments
                          MAND n/a         N/A


ACTV - Trading status
active



                          MAND SECU

ATTI - Attachment


                          VOLU SECU
                          VOLU CASH
BIDS Repurchase Offer

In SR2006 name
becomes :
Repurchase Offer/Issuer
Bid/Reverse Rights




See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




                          MAND SECU        Kapitalerhöhung aus Gesellschaftsmitteln
BONU - Bonus Issue

In SR2006 name
becomes:

Bonus
Issue/Capitalisation
Issue

                          CHOS SLLE
                               SECU
                               BUYA
                               LAPS




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                                                           GLOBAL GRID                                          US                                                                                    LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                                CAMV CAOP Definition / comments                                                       CAMV CAOP Definition / comments   CAMV CAOP
                          VOLU CASH        SR2005 Definition "Early redemption of a bond at the election
BPUT - Put Redemption                      of the bondholder subject to the terms
                                           and condition of the issue."

                                                                                                                CHOS CASH CHOS: Use for offers where there is a mandatory put (full or with a right
                                                                                                                     MPUT to retain or return).

                          MAND             Agreed as a mandatory 'For Your Information' (FYI) with no           MAND ABST For Bankruptcy proof of claim
                                           options and no outturn.                                                   OTHR

BRUP - Bankruptcy                          SR2005 Definition "Legal status of a company unable to pay
                                           creditors. Bankruptcy usually involves a formal court ruling.
                                           Securities may become valueless."


                                                                                                                MAND CASE For selection of the Plan of Reorg „package‟.
                                                                                                                     CASH
                                                                                                                     SECU
                                                                                                                CHOS CASE
                                                                                                                     CASH
                                                                                                                     SECU
                                                                                                                CHOS CONN For consent of plan of reorganization
                                                                                                                     CONY
                                                                                                                     ABST
                          MAND CASH        SR2005 Definition "Distribution of profits resulting from the sale
                                           of securities. Shareholders of Mutual Funds, Unit Trusts, or
CAPG - Capital Gains                       Sicavs are recipients of capital gains distributions which are
Distribution                               often reinvested in additional shares of the fund."

                                           Agreed this is a separate event for tax reasons

                          CHOS SMPG/
                               QINV QINV - Qualified Investor

                                  SMPG/
CERT - Non-US TEFRA
                                  NOQU NOQU - Non Qualified Investor
D Certification
                                           Option codes to be requested for SR2007
New in SR2006
                                           SR2006 Definition "Non-US beneficial owner certification
                                           requirement for exchange of temporary to permanent notes."

                          MAND no      Agreed as mandatory when initiated by the issuer. Sometimes
                               options no options at all. Othertimes, for example an identifier change,
                          MAND SECU will require a SECU option.

                                           SR2005 Definition "Change Information regarding a generic
                                           change, eg, change in the terms of an issue, change in the
                                           identification of a security, change of board lot, change from
CHAN - Change                              global to definitive."

                                           SR2006 Definition "Information regarding a change further
See the 'Complex'                          described in the corporate action details."
worksheet in order to                      CADETL 22F::CHAN// apply to both MAND and VOLU
distinguish between                        BERE - SECU
BIDS, CHAN, CONV,                          CERT - SECU
EXOF, MRGR, TEND                           DEPH - tbd
                                           GPPH - tbd by ICSDs
                                           GTGP - tbd by ICSDs
                                           GTPH - tbd by ICSDs
                                           NAME - as SR2005
                                           PHDE - tbd
                                           REBE - SECU
                                           TERM - SECU only if ISIN changes otherwise none
                          VOLU SECU        Maybe VOLU when initiated by the investor
                          VOLU ABST        SR2005 Definition "Class action filing; Proposed Settlement.
                               CONY        Situation where interested parties seek restitution for financial
                                           loss. Security holder may be offered the opportunity to join a
                                           class action proceeding and would need to respond with an
CLSA - Class Action                        instruction."

                                           Abstain is the default. It is not always mandatory to respond to
                                           the account servicer, the account owner may reply directly to
                                           the (US) legal representatives.




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                                                          GLOBAL GRID           FI
CA Event Indicator        CAMV CAOP        Definition / comments                CAMV CAOP Definition / comments
                          MAND n/a
                          VOLU CASH        No MT 564 for this CA, only MT 566             n/a
BPUT - Put Redemption
ACTV - Trading status
active



                          MAND


BRUP - Bankruptcy




                          MAND CASH                                                         n/a

CAPG - Capital Gains
Distribution




                          CHOS SMPG/                                                        n/a
                               QINV

                                  SMPG/
CERT - Non-US TEFRA
                                  NOQU
D Certification

New in SR2006




                          MAND no                                                           n/a
                               options
                          MAND SECU




CHAN - Change


See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




                          VOLU SECU
                          VOLU ABST                                                         n/a
                               CONY


CLSA - Class Action




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                                           SE        GLOBAL GRID             NO                                AU                                                                         CH
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                                            CAMV CAOP Definition / comments
                          MAND n/a
                          VOLU CASH                  n/a                                                                 Not defined by AU CorpActions Market Practice Group- does not              n/a
BPUT - Put Redemption                                                                                                    take place often enough in the AU market to warrant definition
ACTV - Trading status
active



                          MAND


BRUP - Bankruptcy




                          MAND CASH                    n/a

CAPG - Capital Gains
Distribution




                          CHOS SMPG/                   n/a
                               QINV

                                  SMPG/
CERT - Non-US TEFRA
                                  NOQU
D Certification

New in SR2006




                          MAND no                                                                                            n/a
                               options
                          MAND SECU




CHAN - Change


See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




                          VOLU SECU
                          VOLU ABST                    n/a
                               CONY


CLSA - Class Action




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                                           JP        GLOBAL GRID                          ES                                UK&IE                                              DK                                DE
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments                CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                    CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a
                          VOLU CASH                  n/a                                                                              Also used for redemption of 'B' shares             n/a
BPUT - Put Redemption
ACTV - Trading status
active



                          MAND                         Agreed to be used for bankruptcy
                                                       only.

BRUP - Bankruptcy




                          MAND CASH                                                                                                                                                        n/a

CAPG - Capital Gains
Distribution




                          CHOS SMPG/
                               QINV

                                  SMPG/
CERT - Non-US TEFRA
                                  NOQU
D Certification

New in SR2006




                          MAND no                                                                                                                                                          n/a
                               options
                          MAND SECU




CHAN - Change


See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




                          VOLU SECU
                          VOLU ABST                                                                   n/a                                                                                  n/a
                               CONY


CLSA - Class Action




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                                                           GLOBAL GRID
CA Event Indicator        CAMV CAOP        Definition / comments
                          MAND n/a
                          VOLU CASH        Gläubigerkündigungsmöglichkeit
BPUT - Put Redemption
ACTV - Trading status
active



                          MAND


BRUP - Bankruptcy




                          MAND CASH        N/A

CAPG - Capital Gains
Distribution




                          CHOS SMPG/
                               QINV

                                  SMPG/
CERT - Non-US TEFRA
                                  NOQU
D Certification

New in SR2006




                          MAND no
                               options
                          MAND SECU




CHAN - Change


See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




                          VOLU SECU
                          VOLU ABST N/A
                               CONY


CLSA - Class Action




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                                                            GLOBAL GRID                                   US                                                                                  LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                          CAMV CAOP Definition / comments                                                     CAMV CAOP Definition / comments   CAMV CAOP
                          VOLU CONY        SR2005 Definition "Solicitation of shareholders consent.
CONS - Consent Offer           CONN        Procedure aimed at obtaining consent of holders to proposal by
                               ABST        issuer or a third party without a formal general meeting."
In SR2006 name
becomes:                                   SR2006 Definition "Procedure that aims to obtain the consent
                                           of holders, without a formal general meeting, to a proposal by
Consent                                    the issuer or a third party."

                          MAND SECU        Maybe MAND when initaited by the issuer                                                                                                                                              MAND CASE
CONV - Conversion
                                           Maybe VOLU when initiated by the investor
                          VOLU SECU        SR2006 Definition "Conversion of securities (generally                                                                                                                               VOLU CASE
                                           convertible bonds or preferred shares) into another form of
See the 'Complex'
                                           securities (usually common shares) at a pre-stated price."
worksheet in order to
distinguish between
                                           SR2005 definition:
BIDS, CHAN, CONV,
                                           "Conversion or optional exchange of securities (generally
EXOF, MRGR, TEND
                                           convertible bonds or preferred shares) into another form of
                                           securities (usually common shares) at a pre-stated price."
                                           Retained in SR2006 maintenance on a second vote until an
                                           alternative is available for this reference data change

                                           SR2005 Definition "A Company Option may be granted by the
                                           company, allowing the holder to take up shares at some future
                                           date(s) at a pre arranged price in the company. A company
                                           may not grant options which enable the holder to take up
COOP - Company                             unissued shares at a time which is five or more years from the
Option                                     date of the grant. Option holders are not members of a
                                           company. They are contingent creditors of a company and
                                           hence may, in some instances, be entitled to vote on and be
                                           bound by a scheme of arrangement between the creditors and
                                           the company. As many options have multiple exercise periods
                                           a company option will either lapse or carry on to the next expiry
                                           date."

CPNR - Adjustment of                       To be deleted in SR2006 maintenance                                                                                                                                                  n/a
Interest Rate
                          VOLU SECU        SR2005 Definition " Coupon stripping is the process whereby
                                           interest coupons for future payment dates are separated from
                                           the security corpus that entitles the holder to the principal
                                           repayment."
CPST - Coupon Stripping
                                           The event does not normally have an annoucement. The event
                                           is initiated by the security holder.

                                           Deletion to be requested in SR2007




                          MAND CASH        SR2005 Definition "Reduction of the share capital and face
                                           value of a single share. The number of the circulating shares
                                           remains unchanged. May include a capital pay-out to
                                           shareholder."

                                           SR2006 Definition "Reduction of face value of a single security.
DECR - Decrease In
                                           The number of circulating securities remains unchanged. This
Value
                                           event may include a cash payout to holders."

                                           In SE and DK and IS and NO and FI this is purely an
                                           announcement with no options
                                           Also in central and eastern EU countries.

                                                                                                               MAND SECU DECR can be used for a decrease in the par value where there is no
                                                                                                                         cash payout.




                          MAND SECU        SR2005 Definition "Separation of components that comprise a
                                           security – usually units comprised of warrants and bond or
                                           warrants and equity. Units may be broken up at the request of
DETI - Detachment                          the security holder or based on market convention."

                                           Component can be any instrument (not restricted)

                          VOLU SECU




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                                                   GLOBAL GRID               FI
CA Event Indicator        CAMV CAOP Definition / comments                    CAMV CAOP Definition / comments
                          MAND n/a
                          VOLU CONY n/a                                                n/a
CONS - Consent Offer           CONN
                               ABST
ACTV - Trading status
In SR2006 name
active
becomes:

Consent

                          MAND SECU        This option offered in addition
CONV - Conversion
                          VOLU SECU        This option offered in addition                 n/a
See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND




COOP - Company
Option




CPNR - Adjustment of
Interest Rate
                          VOLU SECU        n/a                                             n/a




CPST - Coupon Stripping




                          MAND CASH        Not considered as a CA            MAND No
                                                                                  option
                                                                                  s



DECR - Decrease In
Value




                          MAND SECU                                                        n/a


DETI - Detachment




                          VOLU SECU        n/a                                             n/a




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                                    SE        GLOBAL GRID             NO                                AU                                             CH
CA Event Indicator        CAMV CAOP CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                CAMV CAOP Definition / comments
                          MAND n/a
                          VOLU CONY           n/a                               n/a                                                                              n/a
CONS - Consent Offer           CONN
                               ABST
ACTV - Trading status
In SR2006 name
active
becomes:

Consent

                          MAND SECU
CONV - Conversion
                          VOLU SECU
See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND


                                                         n/a




COOP - Company
Option




CPNR - Adjustment of
Interest Rate
                          VOLU SECU                      n/a                      n/a                               n/a                                            n/a




CPST - Coupon Stripping




                          MAND CASH        MAND No                    MAND n/a                                      Also known as Capital Return
                                                option
                                                s



DECR - Decrease In
Value




                          MAND SECU                      n/a                                                        n/a                                            n/a


DETI - Detachment




                          VOLU SECU                      n/a                      n/a                               n/a                                            n/a




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                                    JP        GLOBAL GRID             ES                                          UK&IE                                                                               DK                                DE
CA Event Indicator        CAMV CAOP CAMV CAOP Definition / comments   CAMV CAOP Definition / comments             CAMV CAOP Definition / comments                                                     CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a
                          VOLU CONY           n/a                               n/a                                         n/a                                                                                 n/a
CONS - Consent Offer           CONN
                               ABST
ACTV - Trading status
In SR2006 name
active
becomes:

Consent

                          MAND SECU
CONV - Conversion
                          VOLU SECU
See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND


                                                                                                                                 n/a




COOP - Company
Option




CPNR - Adjustment of                                                  MAND CASH                                   MAND           For info only                                                        MAND        No options
Interest Rate
                          VOLU SECU              n/a                                                                                                                                                              n/a




CPST - Coupon Stripping




                          MAND CASH              n/a                                                                                                                                                  MAND n/a




DECR - Decrease In
Value




                                                                      MAND SECU Options and default option will   MAND SECU Use SECU if ISIN changes and there will be a debit and credit of stock.
                                                                           CASE depend on event published              CASE
                                                                                conditions.                                 This definition also fits a common UK CA where the nominal value
                                                                                                                            changes through the issue of deferred shares (via a subdivision) which
                                                                                                                            tend to be unlisted and valueless and are cancelled

                          MAND SECU              n/a                                                                                                                                                              n/a


DETI - Detachment




                          VOLU SECU              n/a                                                                                                                                                              n/a




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                                                    GLOBAL GRID
CA Event Indicator        CAMV CAOP Definition / comments
                          MAND n/a
                          VOLU CONY N/A
CONS - Consent Offer           CONN
                               ABST
ACTV - Trading status
In SR2006 name
active
becomes:

Consent

                          MAND SECU
CONV - Conversion
                          VOLU SECU
See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND


                                           N/A




COOP - Company
Option




CPNR - Adjustment of
Interest Rate
                          VOLU SECU        N/A




CPST - Coupon Stripping




                          MAND CASH




DECR - Decrease In
Value




                          MAND SECU


DETI - Detachment




                          VOLU SECU




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                                                            GLOBAL GRID                                          US                                                                               LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                                 CAMV CAOP Definition / comments                                                  CAMV CAOP Definition / comments   CAMV CAOP
                          MAND N/A         SR2006 Definition "FAILURE BY THE COMPANY TO
                                           PERFORM OBLIGATIONS DEFINED AS DEFAULT EVENTS
DFLT - Bond Default
                                           UNDER THE BOND AGREEMENT AND THAT HAVE NOT
                                           BEEN REMEDIED"
                          MAND             Retained in SR2006 maintenance on a second vote until an
                                           alternative is available for this reference data change.
DLST - Trading Status
De-listed                                  SR2005 Definition "Security is no longer able to comply with the
                                           listing requirements of a stock exchange and is removed from
                                           official board quotation."
                          MAND CASH        SR2006 Definition "Redemption in part before the scheduled                                                                                                                               MAND SECU
                                           final maturity date of a security. Drawing is distinct from partial
                                           call since drawn bonds are chosen by lottery and results are
DRAW - Drawing                             confirmed to bondholder."

                                           SR2005 Definition "Redemption in part before the scheduled
                                           final maturity date of a security."
                          CHOS SECU        SR2006 Definition "A dividend payment where the cash
                               CASH        dividend is rolled over into additional shares in the issuing
                                           company."

                                           Distinguished from the SECU option of CAEV//DVOP because
                                           the company invests the dividend in the market rather than
DRIP - Dividend
                                           creating new share capital in exchane for the dividend.
Reinvestment
                                           The case where a holder signs-up for a standing reinvestment
                                           plan is not considered an event, it is a service offering.




                          MAND CONY        SR2005 Definition "Requirement under some regulations for
                                           holders or beneficial owners to disclose to the issuer the name,
                                           location and holdings of any issue."
DSCL -Disclosure




                          VOLU CONN
                               CONY
                          VOLU CASH SR2006 Definition "An action by a party wishing to acquire a                             Tender @ Specified Price (PUTT )
DTCH - Dutch Auction,               security. Holders of the security are invited to make an offer to                        Take No Action (NOAC)
Bid Tender                          sell, within a specific price range. The acquiring party will buy                        Tender @ Unspecified Price (CASH )
                                    from the holder with lowest offer."
In SR2006 name                                                                                                               PUTT retained until SR2006 (when it is deleted) then replaced by a
becomes:                                   CASH option as stock given up                                                     code indicating that the holder specifies the price

Dutch Auction                                                                                                                Maximum and minimum prices given, the holder determines the
                                                                                                                             increments
                          MAND CASH        SR2006 Definition "Distribution of cash to shareholders, in
                                           proportion to their equity holding. Ordinary dividends are
                                           recurring and regular. Shareholder must take cash and may
                                           be offered a choice of currency."
DVCA - Cash Dividend
                                           SR2005 Definition "Distribution of cash to shareholders, in
                                           proportion to their equity holding. Ordinary dividends are
                                           recurring and regular. Shareholder must take cash and is not
                                           offered a choice in the form of distribution."
                          CHOS CASH        Where a currency choice is offered
                          CHOS CASH        SR2005 Definition "Distribution of a dividend to shareholder
                               SECU        with the choice of payment method.
                                           Shareholder must choose the form of payment - stock, cash, or
                                           both."

DVOP - Optional                            SR2006 Definition "Distribution of a dividend to shareholders
Dividend                                   with a choice of benefit to receive. Shareholders may choose to
                                           receive shares, cash or both."
In SR2006 name
becomes:

Dividend Option




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                                                          GLOBAL GRID                               FI
CA Event Indicator        CAMV CAOP        Definition / comments                                    CAMV CAOP Definition / comments
                          MAND n/a
                               N/A
DFLT - Bond Default
ACTV - Trading status
active
                          MAND

DLST - Trading Status
De-listed


                          MAND CASH        Clarification from the FR NMPG on the apparent lack of               n/a
                                           randomness about the process to be found in the FR CA
                                           MP documentation - to be updated prior to SR2006
DRAW - Drawing
                                           FR is happy to keep the global agreement on PCAL where
                                           no exception exists today in the EIG Matrix

                          CHOS SECU        DRIP is used mainly in FR for reinvestment of Mutual                 n/a
                               CASH        Funds.




DRIP - Dividend
Reinvestment




                          MAND CONY


DSCL -Disclosure




                          VOLU CONN                                                                             n/a
                               CONY
                          VOLU CASH n/a                                                                         n/a
DTCH - Dutch Auction,
Bid Tender

In SR2006 name
becomes:

Dutch Auction

                          MAND CASH




DVCA - Cash Dividend




                          CHOS CASH                                                                             n/a
                          CHOS CASH                                                                             n/a
                               SECU



DVOP - Optional
Dividend

In SR2006 name
becomes:

Dividend Option




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                                           SE        GLOBAL GRID                   NO                                AU                                                                                   CH
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments         CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                                                      CAMV CAOP Definition / comments
                          MAND n/a
                               N/A                                                                                             n/a                                                                                  n/a
DFLT - Bond Default
ACTV - Trading status
active
                          MAND                                                                                                                                                                                        n/a

DLST - Trading Status
De-listed


                          MAND CASH                    n/a                                                                          n/a


DRAW - Drawing




                          CHOS SECU                    n/a                                     n/a                          CASH BSPL option used only in AU                                                          n/a
                               CASH                                                                                         SECU
                                                                                                                            BSPL AU market has 2 Reinvestment options - preferred CAEV to use is
                                                                                                                                 DVOP:
                                                                                                                                 - Dividend reinvestment Plan - fractions and partial reinvestment
DRIP - Dividend
                                                                                                                                    Add OTHR for AU to represent the Bonus Share Plan - have
Reinvestment
                                                                                                                                    previously requested BSPN as code given differing tax implications.
                                                                                                                                    Please also continue to use DRIP as a valid code

                                                                                                                                    SMPG recommend repeated use of BSPL with differing tax rates,
                                                                                                                                    rather than other

                          MAND CONY                    n/a (Issuers are entitled
                                                       by law to receive this
                                                       holder info from account
DSCL -Disclosure                                       servicers. This is done
                                                       regularly, and is not
                                                       announced to account
                                                       holders.)
                          VOLU CONN                    n/a
                               CONY
                          VOLU CASH                    n/a                                     n/a                                  n/a                                                                               n/a
DTCH - Dutch Auction,
Bid Tender

In SR2006 name
becomes:

Dutch Auction

                          MAND CASH




DVCA - Cash Dividend




                          CHOS CASH                                                            n/a
                          CHOS CASH                    n/a                                                           CHOS CASH AU market has defined this event as dividend with any options -                        n/a
                               SECU                                                                                       DRIP more than one currency available, or more than one option available
                                                                                                                          OTHR to reinvest (be that via Dividend Reinvestment or via Bonus Share
                                                                                                                               Plan) - several dividends in AU market now have 6 or more options -
                                                                                                                               eg. AU CASH, US CASH, GB CASH, AU DRIP, US DRIP, AU BSP,
DVOP - Optional                                                                                                                GB BSP
Dividend                                                                                                                       AU market has 2 Reinvestment options - preferred CAEV to use is
                                                                                                                               DVOP:
In SR2006 name                                                                                                                  - Dividend reinvestment Plan - fractions and partial reinvestment
becomes:                                                                                                                        - Bonus Share Plan - no fractions and different tax implications (Cap
                                                                                                                               gains etc...)
Dividend Option
                                                                                                                                    SMPG comment - this is incorrect use of the event type DVOP
                                                                                                                                    should not be used for currency options (DVCA CHOS should be
                                                                                                                                    used). AU market to harmonise with rest of the world




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                                           JP        GLOBAL GRID                               ES                                                     UK&IE                                                                                     DK                                DE
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments                     CAMV CAOP Definition / comments                        CAMV CAOP Definition / comments                                                           CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a
                               N/A                   Agreed to avoid OTHER                                                                                                                                                                                n/a
DFLT - Bond Default
ACTV - Trading status
active
                          MAND                         Most of the JP Servicers do not use
                                                       CAOP considering the event attribute.
DLST - Trading Status
De-listed


                          MAND CASH


DRAW - Drawing




                          CHOS SECU                                                            VOLU SECU Similar event in ES, run as two events:                                                                                                            n/a
                               CASH                                                                           DVCA follwed by optional reinvestment
                                                                                                              of the dividend.




DRIP - Dividend
Reinvestment




                          MAND CONY                                                                           n/a


DSCL -Disclosure




                          VOLU CONN                                                                           n/a
                               CONY
                          VOLU CASH                                                                                                                                Query: how to allow the holder to bid at any price? (Stipulated price code               n/a
DTCH - Dutch Auction,                                                                                                                                              in SR2006). At present all increments are given as options as determined
Bid Tender                                                                                                                                                         by the CSD

In SR2006 name
becomes:

Dutch Auction

                          MAND CASH                    JP uses only CASH as Mandatory
                                                       Actions.


DVCA - Cash Dividend




                          CHOS CASH                                                                           n/a                                                                                                                                           n/a
                          CHOS CASH
                               SECU



DVOP - Optional
Dividend

In SR2006 name
becomes:

Dividend Option




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                                                            GLOBAL GRID
CA Event Indicator        CAMV CAOP        Definition / comments
                          MAND n/a
                               N/A         "Notleidende Anleihe"

DFLT - Bond Default
ACTV - Trading status
active
                          MAND

DLST - Trading Status
De-listed


                          MAND CASH        N/A



DRAW - Drawing




                          CHOS SECU        N/A
                               CASH




DRIP - Dividend
Reinvestment




                          MAND CONY N/A


DSCL -Disclosure




                          VOLU CONN
                               CONY
                          VOLU CASH N/A
DTCH - Dutch Auction,
Bid Tender

In SR2006 name
becomes:

Dutch Auction

                          MAND CASH




DVCA - Cash Dividend




                          CHOS CASH
                          CHOS CASH        N/A
                               SECU



DVOP - Optional
Dividend

In SR2006 name
becomes:

Dividend Option




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                                                          GLOBAL GRID                                          US                                                              LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                               CAMV CAOP Definition / comments                                 CAMV CAOP Definition / comments   CAMV CAOP
                          MAND SECU        SR2006 Definition "Dividend or interest paid in the form of
                                           scrip."

DVSC - Scrip Dividend                      SR2005 Definition "Dividend paid in the form of scrip
telco 20050922                             (temporary certificate) which represents the company's promise
                                           to pay a cash dividend. Occurs when earnings are sufficient but
                                           issuer wishes to conserve cash holdings. Shareholder is not
                                           offered a choice."
                          MAND SECU        SR2005 Definition "Dividend paid to shareholders in the form of
                                           shares of stock in the issuing company or in another company.
DVSE - Stock Dividend
                                           Shareholder must take stock and is not offered a choice in the
                                           form of distribution."
                          VOLU SECU        SR2006 Definition "Exchange of holdings for other securities    VOLU NOAC These options may be offered in addition                                                    VOLU SECU
                               CASH        and/or cash. The exchange can be either mandatory or                 CEXC                                                                                                  NOAC
                               CASE        voluntary involving the exchange of outstanding securities for       CONY                                                                                                  SLLE and
EXOF - Exchange (name                      different securities and/or cash. For example “exchange offer”       CONN                                                                                                  BUYA if
changes to "Exchange"                      and “capital reorganisation”."                                                                                                                                             necessary
in SR2006)                                                                                                                                                                                                            according
                                           Always intitated by the issuer as a capital restructing of a                                                                                                               to the ratio
                                           single company which may result in further companies and/or
                                           involve subsiduaries

See the 'Complex'         MAND SECU
worksheet in order to          CASH
distinguish between            CASE
BIDS, CHAN, CONV,
EXOF, MRGR, TEND
                          CHOS SECU
                               CASH
                               CASE
                          VOLU SECU        Existing:
                                           Option for shareholders to exchange their securities for other
                                           securities and/or cash. Exchange options are mentioned in the
                                           Terms and Conditions of a security and are valid during the
EXOP - Exchange                            whole lifetime of a security unless otherwise stated by the
Option                                     issuer.
                                           Proposed:
See the 'Complex'                          Option for shareholders to exchange their securities for other
worksheet in order to                      securities and/or cash. Exchange options are mentioned in the
distinguish between                        Terms and Conditions of a security.
BIDS, CHAN, CONV,
EXOF, EXOP, MRGR,                          If cash is NEVER an outturn for an investor initiated event this
TEND                                       CAEV code may be put forward for deletion


                                           EXOP will be proposed for removal in
                                           SR2007
                          CHOS EXER        SR2006 Definition "Call or exercise on nil-paid securities or
                               NOAC        intermediate securities resulting from a intermediate securities
                               LAPS        distribution (RHDI). This code is used for the second event,
EXRI - Call on Rights
                               OVER        when an intermediate securities' issue (rights/coupons) is
                                           composed of two events, the first event being the distribution of
In SR2006 name
                                  SLLE     intermediate securities."
becomes:
                                  BUYA
                                           Not all the options will apply - SLLE & BUYA only when rights
Call on Intermediate
                                           are tradeable.
Securities
                                           SLLE may be included when the issuer offers to buy rights back
                                           from the holder, see CH, DE, NO, SE.
                          MAND n/a         Depending on Terms & Conditins of the issue - this may allow a
                                           CHOS or otherwise the event is mandatory by the issuer, in this
                                           case MAND is an FYI
EXTM - Maturity
                                           SR2006 Definition "As stipulated in a bond's Terms and
Extension
                                           Conditions, the issuer or the bondholder may prolong the
                                           maturity date of a bond. After extension, the security may differ
                                           from original issue (new rate or maturity date). May be subject
                                           to bondholder's approval."
                          CHOS SECU        SECU if the holder accepts the extension
                               MPUT        MPUT if the holder has the option retain the original security




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                                                          GLOBAL GRID                              FI
CA Event Indicator        CAMV CAOP        Definition / comments                                   CAMV CAOP Definition / comments
                          MAND n/a
                               SECU        n/a                                                               n/a


ACTV - Trading status
DVSC - Scrip Dividend
active
telco 20050922




                          MAND SECU
DVSE - Stock Dividend


                          VOLU SECU        These options may be offered in addition
                               CASH
                               CASE        Exchange offer (FR : Offre Publique d'Echange - OPE -
EXOF - Exchange (name                      simple) with SECU
changes to "Exchange"
in SR2006)                                 Exchange offer for securities with cash (FR : OPE +
                                           espèces) with CASE

                                           Exchange offer with 2 Securities options (FR : OPE
                                           alternative : OPE + OPE) with SECU repeated
See the 'Complex'         MAND SECU
worksheet in order to          CASH
distinguish between            CASE
BIDS, CHAN, CONV,
EXOF, MRGR, TEND
                          CHOS SECU
                               CASH
                               CASE
                          VOLU SECU



EXOP - Exchange
Option

See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, EXOP, MRGR,
TEND




                          CHOS EXER        n/a                                                                 n/a
                               NOAC
                               LAPS
EXRI - Call on Rights
                               OVER
In SR2006 name
                                  SLLE
becomes:
                                  BUYA
Call on Intermediate
Securities



                          MAND n/a                                                                             n/a



EXTM - Maturity
Extension




                          CHOS SECU        n/a                                                                 n/a
                               MPUT




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                                           SE        GLOBAL GRID             NO                                AU                                           CH
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments              CAMV CAOP Definition / comments
                          MAND n/a
                               SECU                  n/a                               n/a                               n/a


ACTV - Trading status
DVSC - Scrip Dividend
active
telco 20050922




                          MAND SECU                                                                                        n/a
DVSE - Stock Dividend


                          VOLU SECU                                                                                  EXWA In addition AU uses EXWA
                               CASH
                               CASE
EXOF - Exchange (name
changes to "Exchange"
in SR2006)




See the 'Complex'         MAND SECU
worksheet in order to          CASH
distinguish between            CASE
BIDS, CHAN, CONV,
EXOF, MRGR, TEND
                          CHOS SECU
                               CASH
                               CASE
                          VOLU SECU



EXOP - Exchange
Option

See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, EXOP, MRGR,
TEND




                          CHOS EXER                    n/a                               n/a                               n/a                                          n/a
                               NOAC
                               LAPS
EXRI - Call on Rights
                               OVER
In SR2006 name
                                  SLLE
becomes:
                                  BUYA
Call on Intermediate
Securities



                          MAND n/a                     n/a                               n/a                               n/a



EXTM - Maturity
Extension




                          CHOS SECU
                               MPUT




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                                           JP        GLOBAL GRID                               ES                                                UK&IE                                                                                   DK                                DE
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments                     CAMV CAOP Definition / comments                   CAMV CAOP Definition / comments                                                         CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a
                               SECU                                                                                                                                                                                                                n/a


ACTV - Trading status
DVSC - Scrip Dividend
active
telco 20050922




                          MAND SECU                    In JP Market, "DVSE" rarely occurs,                                                                    Shares offered in another company are a Spin Off (SOFF) =>                             n/a
                                                       though it exists.
DVSE - Stock Dividend


                          VOLU SECU                    JP does not use "EXOF" and have no                  Usually only SECU (with a credit or                Consent options do not apply in the UK&IE markets.
                               CASH                    comment currently. But recent                       debit for rounding, depending on                   VOLU - underlying security may be retained.
                               CASE                    revision of Japanese commercial                     the formula applied), but other                    Benefit may be stock or cash or combination.
EXOF - Exchange (name                                  Code might lead to activate "EXOF" in               options may be possible depending
changes to "Exchange"                                  the future.                                         on the announcement.
in SR2006)




See the 'Complex'         MAND SECU
worksheet in order to          CASH
distinguish between            CASE
BIDS, CHAN, CONV,
EXOF, MRGR, TEND
                          CHOS SECU                                                                                                                           CHOS - the underlying security will be given up.
                               CASH
                               CASE
                          VOLU SECU



EXOP - Exchange
Option

See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, EXOP, MRGR,
TEND




                          CHOS EXER                    2nd event of New Share Subscription                                                                    NOAC not offered in UK market - LSE rules in respect of broker
                               NOAC                    Rights                                                                                                 protection, force brokers to subscribe to any shares for entitlements on
                               LAPS                                                                                                                           open trades and expect recompense from the buyer. This will happen if
EXRI - Call on Rights
                               OVER                                                                                                                           no action is taken by the buyer, therefore lapse instruction should be
                                                                                                                                                              passed on in such cases.
In SR2006 name
                                  SLLE
becomes:
                                  BUYA
Call on Intermediate
Securities



                          MAND n/a                                                                                                                                                                                                                   n/a



EXTM - Maturity
Extension




                          CHOS SECU
                               MPUT




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                                                           GLOBAL GRID
CA Event Indicator        CAMV CAOP        Definition / comments
                          MAND n/a
                               SECU        N/A


ACTV - Trading status
DVSC - Scrip Dividend
active
telco 20050922




                          MAND SECU
DVSE - Stock Dividend


                          VOLU SECU
                               CASH
                               CASE
EXOF - Exchange (name
changes to "Exchange"
in SR2006)




See the 'Complex'         MAND SECU
worksheet in order to          CASH
distinguish between            CASE
BIDS, CHAN, CONV,
EXOF, MRGR, TEND
                          CHOS SECU
                               CASH
                               CASE
                          VOLU SECU



EXOP - Exchange
Option

See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, EXOP, MRGR,
TEND




                          CHOS EXER        "Kapitalerhöhung gegen bar"
                               NOAC
                               LAPS
EXRI - Call on Rights
                               OVER
In SR2006 name
                                  SLLE
becomes:
                                  BUYA
Call on Intermediate
Securities



                          MAND n/a         N/A



EXTM - Maturity
Extension




                          CHOS SECU
                               MPUT




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                                                          GLOBAL GRID                                          US                                                                              LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                               CAMV CAOP Definition / comments                                                 CAMV CAOP Definition / comments   CAMV CAOP
                          VOLU EXER        "European" Warrant - may be offered at specific points in time
EXWA - Warrant
                                           over a period.
Exercise/Warrant
                               BUYA
Conversion
                               SLLE
                          CHOS EXER        "North American" Warrant - one-off opportunity to exercise
                               LAPS        And the final opportunity on a "European" Warrant which is
                                           about to expire

                                           SR2006 Definition "Option to buy (call warrant) or to sell (put
                                           warrant) a specific amount of equities, cash, commodity, etc, at
                                           a predetermined price over a specific period of time."

                                                                                                                                                                                                                                 MAND SECU
                                                                                                                                                                                                                                 MAND CASH
                                                                                                                                                                                                                                 MAND CASE
                         MAND no      SR2006 Definition "Increase in the face value of a single
                              options security. The number of circulating securities remains
INCR - Increase in Value
                                      unchanged. This event may include a cash payout to holders."

                          MAND SECU        No options unless ISIN changes, then SECU
INDE                                       To be deleted in SR2006 maintenance
                          MAND CASH        SR2006 Definition "Regular interest payment distributed to
                                           holders of an interest bearing asset."

INTR - Interest Payment                    SR2005 Definition "Regular interest payment, only in cash,
                                           distributed to holders of an interest bearing asset. According to
                                           the terms of the issue, a bondholder may be able to elect the
                                           currency interest is paid in."
                          CHOS CASH        If currency options available



                          MAND CASH        SR2006 Definition "A distribution of cash, assets, or both. Debt
LIQU - Liquidation
                          MAND SECU        may be paid in order of priority based on preferred claims to
                          MAND CASE        assets specified by the security."
In SR2006 name
                                           It is considered very rare for anything other than CASH to be
becomes:
                                           available
Liquidation Dividend /
                                           If there is no distribution of any kind at all use CAEV//WRTH
Liquidation Payment
                                           when underlying security is declared worthless
                          CHOS CASH                                                                                          n/a
                               SECU
                               CASE
MCAL - Full Call          MAND CASH        SR2006 Definition "The redemption of an entire issue             MAND CASH For redemption of rights - to be used for redemption of rights when
                                           outstanding of bonds/preferred equity by the issuer before final           there is a cash payment by the issuer.
In SR2006 name                             maturity."                                                                 NOTE: Although there is no SWIFT specific code word for Redemption
becomes:                                                                                                              of Rights, it is recommended that Full Call be used, as it is the most
                                           SR2005 Definition "An issuer's right to redeem bonds or                    accurate.
Full Call/Early                            preferred stock before maturity (if any)."
Redemption
                                                                                                               CHOS CASH Use for full calls with conversion option                                                               CHOS CASH
                                                                                                                    CONV                                                                                                              CONV
                       VOLU CONN           SR2006 Definitions:                                                           These options may be offered in addition
                            CONY           CMET "Meeting related to a court decision."                              AMGT
MEET - General Meeting      ABST           MEET "Annual general meeting."                                           MNGT
CMET - Court meeting        NOAC           OMET "Ordinary general meeting."
XMET - Extraordinary        PROX           XMET "Extraordinary or special general meeting."
meeting                     SPLI
OMET - Ordinary                            Note that dedicated ISO 20022 messages covering proxy will
General Meeting                            be available for pilot 4Q2006


                          MAND SECU        SR2006 Definition "Mandatory or voluntary exchange of                                                                                                                                 MAND CASH
                          MAND CASE        outstanding securities as the result of two or more companies
                                           combining assets. Cash payments may accompany equity
                                           exchange."
MRGR - Merger
                                           Initiated by the issuer. Involves two or more companies (ie an
                                           external, third party company).




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                                                          GLOBAL GRID   FI
CA Event Indicator         CAMV CAOP       Definition / comments        CAMV CAOP Definition / comments
                           MAND n/a
                           VOLU EXER                                    MAND CASH
EXWA - Warrant
Exercise/Warrant
                                BUYA
ACTV - Trading status
Conversion
                                SLLE
active
                           CHOS EXER
                                LAPS




                                           Only ever one option


                           MAND no      n/a                                         n/a
                                options
INCR - Increase in Value


                           MAND SECU
INDE
                           MAND CASH


INTR - Interest Payment



                           CHOS CASH                                                n/a



                           MAND CASH
LIQU - Liquidation
                           MAND SECU
                           MAND CASE
In SR2006 name
becomes:

Liquidation Dividend /
Liquidation Payment
                           CHOS CASH                                                n/a
                                SECU
                                CASE
MCAL - Full Call           MAND CASH                                                n/a

In SR2006 name
becomes:

Full Call/Early
Redemption


                       VOLU CONN                                        VOLU        No options. SWIFT not
                            CONY                                                    used for elections
MEET - General Meeting      ABST
CMET - Court meeting        NOAC
XMET - Extraordinary        PROX
meeting                     SPLI
OMET - Ordinary
General Meeting


                           MAND SECU       CASH also possible in FR
                           MAND CASE


MRGR - Merger




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                                           SE        GLOBAL GRID             NO                                AU                                                                        CH
CA Event Indicator         CAMV CAOP       CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                                           CAMV CAOP Definition / comments
                           MAND n/a
                           VOLU EXER
EXWA - Warrant
Exercise/Warrant
                                BUYA
ACTV - Trading status
Conversion
                                SLLE
active
                           CHOS EXER
                                LAPS




                                                                                                                                                                                         MAND SECU Only ever one option
                                                                                                                                                                                         MAND CASH
                                                                                                                                                                                         MAND CASE
                           MAND no                                                                                           n/a                                                                   n/a
                                options
INCR - Increase in Value


                           MAND SECU
INDE                                                   n/a
                           MAND CASH


INTR - Interest Payment



                           CHOS CASH                                                     n/a



                           MAND CASH                                                                           MAND CASH AU market sees this as an announcement, however cannot be
LIQU - Liquidation
                           MAND SECU                                                                                OTHR defined as CASH or SECU as it could have varying conditions -
                           MAND CASE                                                                                     OTHR fits best
In SR2006 name
becomes:

Liquidation Dividend /
Liquidation Payment
                           CHOS CASH
                                SECU
                                CASE
MCAL - Full Call           MAND CASH

In SR2006 name
becomes:

Full Call/Early
Redemption


                       VOLU CONN                 AMGT These options may be               SPLI not used                                                                                                n/a
                            CONY                 MNGT offered in addition
MEET - General Meeting      ABST
CMET - Court meeting        NOAC
XMET - Extraordinary        PROX
meeting                     SPLI
OMET - Ordinary
General Meeting


                           MAND SECU                   Only used in the                                                      Mandatory events with no options
                           MAND CASE                   squeeze-out phase


MRGR - Merger




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                                           JP        GLOBAL GRID                                 ES                                           UK&IE                                                                DK                                DE
CA Event Indicator         CAMV CAOP       CAMV CAOP Definition / comments                       CAMV CAOP Definition / comments              CAMV CAOP Definition / comments                                      CAMV CAOP Definition / comments   CAMV   CAOP
                           MAND n/a
                           VOLU EXER                 n/a
EXWA - Warrant
Exercise/Warrant
                                BUYA
ACTV - Trading status
Conversion
                                SLLE
active
                           CHOS EXER
                                LAPS




                                                                                                                                                                                                                                                     MAND   SECU
                                                                                                                                                                                                                                                     MAND   CASH
                                                                                                                                                                                                                                                     MAND   CASE
                           MAND no
                                options
INCR - Increase in Value


                           MAND SECU
INDE
                           MAND CASH                     JP uses only CASH as Mandatory
                                                         Actions.

INTR - Interest Payment



                           CHOS CASH                     n/a                                                  n/a                                                                                                              n/a



                           MAND CASH                     Agreed to avoid OTHER
LIQU - Liquidation
                           MAND SECU
                           MAND CASE
In SR2006 name
becomes:

Liquidation Dividend /
Liquidation Payment
                           CHOS CASH
                                SECU
                                CASE
MCAL - Full Call           MAND CASH                     Early Redemption                                                                            CONV This option may be offered in addition
                                                         Full Redemption
In SR2006 name
becomes:

Full Call/Early
Redemption
                                           CHOS CASH
                                                CONV
                       VOLU CONN                         Most of the JP Servicers do not use           AMGT These options may be offered in                                                                                    SPLI not used                MNGT
                            CONY                         CAOP considering the event attribute,         MNGT addition                                                                                                                                        AMGT
MEET - General Meeting      ABST                         agreed to avoid OTHER
CMET - Court meeting        NOAC                         General Meeting
XMET - Extraordinary        PROX                         Annual General Meeting
meeting                     SPLI                         Extraordinary General Meeting
OMET - Ordinary
General Meeting                                      JP adds CAEV//XMET because it is
                                                     possible to use it in the future as
                                                     related CA Event "MEET".
                           MAND SECU       MAND CASH JP does not use "For Mandatory w/                                                        MAND CASH Note that CONN, NOAC and CEXC are not available in UK&IE
                           MAND CASE            OTHR Option Actions" and have no                                                                        A Merger is always Mandatory
                                                     comment currently. But recent
                                                     revision of Japanese commercial                                                                        Very rarely CASH (only) may be offered as an option
MRGR - Merger                                        Code might lead to activate it in the
                                                     future.
                                                     Merger
                                                     Stock Transfer
                                                     Stock Exchange
                                                     OTHR-Merger with Merger Fund
                                                     (Other Servicers use DVCA with
                                                     CAOP 'CASH' in same cases.)




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                                                            GLOBAL GRID
CA Event Indicator         CAMV CAOP       Definition / comments
                           MAND n/a
                           VOLU EXER
EXWA - Warrant
Exercise/Warrant
                                BUYA
ACTV - Trading status
Conversion
                                SLLE
active
                           CHOS EXER
                                LAPS




                                           Only ever one option



                           MAND no
                                options
INCR - Increase in Value


                           MAND SECU
INDE
                           MAND CASH


INTR - Interest Payment



                           CHOS CASH       N/A




                           MAND CASH
LIQU - Liquidation
                           MAND SECU
                           MAND CASE
In SR2006 name
becomes:

Liquidation Dividend /
Liquidation Payment
                           CHOS CASH       N/A
                                SECU
                                CASE
MCAL - Full Call           MAND CASH

In SR2006 name
becomes:

Full Call/Early
Redemption


                       VOLU CONN CONN, CONY are not used.
                            CONY
MEET - General Meeting      ABST
CMET - Court meeting        NOAC
XMET - Extraordinary        PROX
meeting                     SPLI
OMET - Ordinary
General Meeting


                           MAND SECU
                           MAND CASE


MRGR - Merger




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                                                          GLOBAL GRID                                           US                                                                  LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                                CAMV CAOP Definition / comments                                     CAMV CAOP Definition / comments   CAMV CAOP
See the 'Complex'         CHOS SECU                                                                             CHOS CONN These options may be offered in addition                                                    CHOS CASH
worksheet in order to     CHOS CASE                                                                                  NOAC
distinguish between                                                                                                  CEXC
BIDS, CHAN, CONV,                                                                                                                                                                                                          SLLE
EXOF, MRGR, TEND                                                                                                                                                                                                           BUYA
                          VOLU SECU        Rarely VOLUntary - NMPGs to consider                                 VOLU CONN These options may be offered in addition
                          VOLU CASE                                                                                  NOAC
                                                                                                                     CEXC




                          MAND no      Note, CAEV//NAME deleted in SR2006.
                               options Name change using CAEV//CHAN and dedictaed indicator in
                          MAND SECU field 22F in sequence D of MT 564

                                           If no ISIN change no options needed (use the dedicated
NAME - Name Change
                                           narrative qualifier NAME)

                                           SECU only if ISIN changes, or trading is interrupted, or new
                                           certificates are issued

                                                                                                                CHOS SECU CHOS: Use for name change with dissenter‟s rights.
                                                                                                                     CONN
                                           To be deleted in SR2006 maintenance
ODLS - Old Lot Sale


ODLT - Odd Lot Offer      VOLU CASH        SR2006 Definition "Sale to or purchase of odd-lots from the
                               SECU        issuing company, initiated either by the holder of the security or
In SR2006 name                             through an offer made by the issuer."
becomes:                          BUYA
                                  SLLE
Odd Lot Sale/Purchase
                                                                                                                CHOS SECU CHOS: Use for name change with dissenter‟s rights.
                                                                                                                     CONN

                                           SR2005 Definition "Other event."
OTHR - Other Event
                                           SMPG recommends that this event is not used - no
                                           recommendation for options
PARI - Pari-passu         MAND SECU        SR2006 Definition "Occurs when securities with different
                                           characteristics, eg, equities with different entitlements to
In SR2006 name                             dividend or voting rights, are assimilated, ie, become identical
becomes:                                   in all respects. The event may be scheduled in advance or be
                                           the result of an outside event."
Pari Passu /
Enfranchisement
                          MAND CASH        SR2006 Definition "Securities are redeemed in part before their
PCAL - Partial Call                        scheduled final maturity date. The outstanding amount of
                                           securities will be reduced proportionally. "
                          MAND SECU        SR2006 Definition "Issuer has set money aside to redeem a
PDEF - Partial
                                           portion of an issue and the indenture states that the securities
Defeasance / Prefunding
                                           could be called earlier than the stated maturity."
                          MAND OTHR        SR2006 Definition "Interest payment, in any kind except cash,
                          MAND SECU        distributed to holders of an interest bearing asset."
PINK - Payment in Kind
                                       Explain OTHR outturn in narrative
                          MAND no      Retained in SR2006 maintenance on a second vote until an
PLAC - Place of                options alternative is available for this reference data change
Incorporation                          SECU only if ISIN changes
                          MAND SECU
                                                                                                                CHOS SECU
                                                                                                                     CONN
                          CHOS SECU        SR2006 Definition "An instalment towards the purchase of
                               LAPS        equity capital, subject to an agreement between an issuer and
                                           a purchaser."
PPMT - Installment Call
                                           SECU means that you will make the payment on the security.
                                           LAPS means that you will not make the payment and will forfeit
                                           the security. CAMV code should be CHOS - there is a choice
                                           and there will always be an action
                                                                                                                                                                                                                      MAND SECU




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                                                          GLOBAL GRID                 FI
CA Event Indicator        CAMV CAOP        Definition / comments                      CAMV CAOP Definition / comments
See the 'Complex'         MAND n/a
                          CHOS SECU                                                             n/a
worksheet in order to     CHOS CASE        These options may be offered in addition
distinguish between
ACTV - Trading status
BIDS, CHAN, CONV,
active
EXOF, MRGR, TEND                           If necessary according to ratio
                          VOLU SECU        n/a                                                    n/a
                          VOLU CASE




                          MAND no
                               options
                          MAND SECU


NAME - Name Change




ODLS - Old Lot Sale


ODLT - Odd Lot Offer      VOLU CASH        n/a                                                    n/a
                               SECU
In SR2006 name
becomes:                          BUYA
                                  SLLE
Odd Lot Sale/Purchase




OTHR - Other Event


PARI - Pari-passu         MAND SECU

In SR2006 name
becomes:

Pari Passu /
Enfranchisement
                          MAND CASH                                                               n/a
PCAL - Partial Call

                          MAND SECU                                                               n/a
PDEF - Partial
Defeasance / Prefunding
                          MAND OTHR        n/a                                                    n/a
                          MAND SECU
PINK - Payment in Kind


                          MAND no      n/a                                                        n/a
PLAC - Place of                options
Incorporation
                          MAND SECU


                          CHOS SECU                                                               n/a
                               LAPS


PPMT - Installment Call




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                                           SE        GLOBAL GRID              NO                                AU                                                                                 CH
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments    CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                                                    CAMV CAOP Definition / comments
See the 'Complex'         MAND n/a
                          CHOS SECU                  Only used in the
worksheet in order to     CHOS CASE                  squeeze-out phase
distinguish between
ACTV - Trading status
BIDS, CHAN, CONV,
active
EXOF, MRGR, TEND
                          VOLU SECU                    Mergers are always
                          VOLU CASE                    voluntary in Sweden;
                                                       even if recommended
                                                       they cannot become
                                                       mandatory until the
                                                       squeeze-out phase.
                          MAND no
                               options
                          MAND SECU


NAME - Name Change




ODLS - Old Lot Sale


ODLT - Odd Lot Offer      VOLU CASH                                                                                                                                                                            n/a
                               SECU
In SR2006 name
becomes:                          BUYA
                                  SLLE
Odd Lot Sale/Purchase




OTHR - Other Event


PARI - Pari-passu         MAND SECU

In SR2006 name
becomes:

Pari Passu /
Enfranchisement
                          MAND CASH                                                       n/a                                n/a
PCAL - Partial Call

                          MAND SECU                    n/a
PDEF - Partial
Defeasance / Prefunding
                          MAND OTHR                    n/a                                n/a                                n/a                                                                               n/a
                          MAND SECU
PINK - Payment in Kind


                          MAND no                      n/a                                n/a                                n/a                                                                               n/a
PLAC - Place of                options
Incorporation
                          MAND SECU


                          CHOS SECU                    n/a                                n/a                                AU market uses this code for Call Payments - they are a Mandatory
                               LAPS                                                                                          event for interim call payments and only offer one option - CONV or
                                                                                                                             OTHR depending on the liability status of the underlying company
                                                                                                                             (limited or none) - in the case of final call payments, they are a
PPMT - Installment Call
                                                                                                                             voluntary event that offers the option of CONV or LAPS

                                                                                                                          SMPG Comment - For Call Payments, AU should be able to
                                                                                                                          harmonize with SECU and LAPS. This should be confirmed. There
                                                                                                                MAND CONV is already a follow-up in the minutes (of global meeting October MAND NOAC
                                                                                                                     OTHR 2005) to explain the usage of OTHR.                                   OTHR
                                                                                                                     LAPS




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                                           JP        GLOBAL GRID                                ES                                UK&IE                                                                                DK                                DE
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments                      CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                                                      CAMV CAOP Definition / comments   CAMV   CAOP
See the 'Complex'         MAND n/a
                          CHOS SECU                  Merger, stock transfer, stock                                                CHOS CASH                                                                                                                     SLLE
worksheet in order to     CHOS CASE                  exchange                                                                               Very rarely CASH (only) may be offered as an option                                                                 BUYA
distinguish between
ACTV - Trading status
BIDS, CHAN, CONV,
active
EXOF, MRGR, TEND
                          VOLU SECU
                          VOLU CASE




                          MAND no                       Most of the JP Servicers do not use
                               options                  CAOP considering the event attribute.
                          MAND SECU


NAME - Name Change




                                                        Most of the JP Servicers do not send
                                                        this notification as CA Event.
ODLS - Old Lot Sale
                                                        Odd Lot Sale
                                                        Fractional Shares Sale
ODLT - Odd Lot Offer      VOLU CASH                     Most of the JP Servicers do not send                n/a                                  n/a                                                                               n/a
                               SECU                     this notification as CA Event.
In SR2006 name
becomes:                          BUYA
                                  SLLE
Odd Lot Sale/Purchase
                                                                                                                                  MAND MPUT In some cases the event is mandatory and the default option is NOT to
                                                                                                                                            retain the holding. If the holder wishes to retain CAOP//MPUT is used at
                                                                                                                                            present. A CR is required to extend the definition of MPUT
                                                        JP prefers not to define CAOP
                                                        considering the "OTHR" attribute.
OTHR - Other Event


PARI - Pari-passu         MAND SECU

In SR2006 name
becomes:

Pari Passu /
Enfranchisement
                          MAND CASH
PCAL - Partial Call

                          MAND SECU                                                                                                              n/a
PDEF - Partial
Defeasance / Prefunding
                          MAND OTHR                                                                                                              n/a                                                                               n/a
                          MAND SECU
PINK - Payment in Kind


                          MAND no                                                                                                                                                                                                  n/a
PLAC - Place of                options
Incorporation
                          MAND SECU


                          CHOS SECU                                                                                                              No increase of share capital (and no cash distribution)                           n/a
                               LAPS                                                                                                              Also note that partly paid instruments may not be held in CREST.
                                                                                                                                                 CREST use an intermediate instrument distributed as an CAEV//RHDI
PPMT - Installment Call




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                                                            GLOBAL GRID
CA Event Indicator        CAMV CAOP        Definition / comments
See the 'Complex'         MAND n/a
                          CHOS SECU        SLLE and BUYA could be added if the rights are tradable.
worksheet in order to     CHOS CASE
distinguish between
ACTV - Trading status
BIDS, CHAN, CONV,
active
EXOF, MRGR, TEND
                          VOLU SECU
                          VOLU CASE




                          MAND no
                               options
                          MAND SECU


NAME - Name Change




ODLS - Old Lot Sale


ODLT - Odd Lot Offer      VOLU CASH        N/A
                               SECU
In SR2006 name
becomes:                          BUYA
                                  SLLE
Odd Lot Sale/Purchase




OTHR - Other Event


PARI - Pari-passu         MAND SECU

In SR2006 name
becomes:

Pari Passu /
Enfranchisement
                          MAND CASH
PCAL - Partial Call

                          MAND SECU        N/A
PDEF - Partial
Defeasance / Prefunding
                          MAND OTHR        N/A
                          MAND SECU
PINK - Payment in Kind


                          MAND no      N/A
PLAC - Place of                options
Incorporation
                          MAND SECU


                          CHOS SECU        N/A
                               LAPS


PPMT - Installment Call




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                                                           GLOBAL GRID                                          US                                               LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                                CAMV CAOP Definition / comments                  CAMV CAOP Definition / comments   CAMV CAOP
                          MAND CASH        SR 2006 Definition "A payment of a portion of the principal of
PRII - Interest Payment
                                           an interest bearing asset, in addition to the interest payment."
with Principle
                          VOLU SECU        SR2005 Definition "Form of open or public offer where priority
                               OVER        is given to existing shareholders due to limited amount of
PRIO - Priority Issue                      securities available in the offer. Shareholders can buy a type of
                                           security during a short period of time."

                          VOLU EXER        EXER when rights distributed
                               OVER
                               BUYA
                          MAND CASH        SR2006 Definition "The redemption of an entire issue
                                           outstanding of bonds/preferred equities by the issuer at final
                                           maturity."

                                           SR2005 Definition "Repayment in full of a debt security,
REDM - Final Maturity
                                           investment trust or a preferred stock issue, at stated maturity."

                                           CHOS when CCY choice
                          CHOS CASH

                          MAND SECU        Use for Reverse Convertibles & Equity Linked Notes                                                                                                      CHOS SECU

                      MAND no      SR2006 Definition "Event by which the unit (currency and/or
                           options nominal) of a debt is restated, eg, debt in a national currency is
REDO - Redenomination
                                   restated in another currency."
                      MAND SECU SECU only if ISIN changes
                      CHOS SECU SR2006 Definition "Purchase and sale of remarketed preferred
                           CASH equities/bonds through the negotiation of interest rate between
                                   the issuers and the holders."

                                           SR2005 Definition "After the collapse of the perpetual floating
                                           rate note, the bond issuers negotiate an interest rate with
                                           bondholders. If agreement is reached, bond will continue at the
                                           agreed rate. If agreement is not reached, bond holders have
REMK - Remarketing                         the right to redeem the bond."
Agreement
                                           CHOS recommended as there is a choice to redeem at original
                                           rate or to submit a new bid on a interest rate(s) or maturity
                                           extension.
                                           For redemption, the CASH option would apply.
                                           SECU (to be repeated as needed) for interest rate bids or
                                           maturity extensions as the intention here is to continue to hold
                                           the security.
                          MAND SECU        SR2006 Definition "The distribution of intermediate securities or
                                           privilege that gives the holder the right to take part in a future
                                           event."
RHDI - Rights
Distribution
                                           SR2005 Definition "The distribution of rights to shareholders, in
                                           proportion to their equity
In SR2006 name
                                           holding."
becomes:

Intermediate Securities
Distribution

telco 20051006




                          CHOS EXER        SR2006 Definition "Distribution of a security or privilege that                  n/a
                               NOAC        gives the holder an entitlement or right to take part in a future
RHTS - Rights Issue            LAPS        event. "
                               OVER
In SR2006 name                             SR2005 Definition "Subscription Rights, Rights offer. Privilege
becomes:                          SLLE     granted to existing shareholders of a company to subscribe to
                                  BUYA     shares of a new issue against payment. Generally before
Rights                                     securities are offered to the general public. Rights are often
Issue/Subscription                         tradable in a secondary market."
Rights/Rights Offer
                                           Note that the confirmation of the rights distribution carried out
                                           with an MT 566 and a SECU option




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                                                          GLOBAL GRID                            FI
CA Event Indicator        CAMV CAOP        Definition / comments                                 CAMV CAOP Definition / comments
                          MAND n/a
                               CASH
PRII - Interest Payment
with Principle
ACTV - Trading status
active                    VOLU SECU                                                                          n/a
                               OVER
PRIO - Priority Issue


                          VOLU EXER
                               OVER
                               BUYA
                          MAND CASH




REDM - Final Maturity



                          CHOS CASH

                          MAND SECU

                          MAND no                                                                            n/a
                               options
REDO - Redenomination
                          MAND SECU
                          CHOS SECU        n/a                                                               n/a
                               CASH




REMK - Remarketing
Agreement




                          MAND SECU        Rights issues are reported in a MT564 with a CAEV =   n/a         n/a
                                           RHTS and not with a CAEV = RHDI. See below
RHDI - Rights
Distribution

In SR2006 name
becomes:

Intermediate Securities
Distribution

telco 20051006




                          CHOS EXER                                                                          n/a
                               NOAC
RHTS - Rights Issue            LAPS
                               OVER
In SR2006 name
becomes:                          SLLE
                                  BUYA
Rights
Issue/Subscription
Rights/Rights Offer




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                                           SE        GLOBAL GRID             NO                                AU                                          CH
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments             CAMV CAOP Definition / comments
                          MAND n/a
                               CASH                  n/a                               n/a                                                                           n/a
PRII - Interest Payment
with Principle
ACTV - Trading status
active                    VOLU SECU                    n/a                                                                                                 VOLU CASH These options may be offered in
                               OVER                                                                                                                             CASE addition
PRIO - Priority Issue                                                                                                                                           BUYA
                                                                                                                                                                SLLE

                          VOLU EXER                    n/a
                               OVER
                               BUYA
                          MAND CASH




REDM - Final Maturity



                          CHOS CASH

                          MAND SECU                                                                            CHOS SECU                                   CHOS SECU

                          MAND no                                                        n/a                                                                            n/a
                               options
REDO - Redenomination
                          MAND SECU
                          CHOS SECU                    n/a                               n/a                               n/a                                          n/a
                               CASH




REMK - Remarketing
Agreement




                          MAND SECU                    n/a                               n/a                               n/a


RHDI - Rights
Distribution

In SR2006 name
becomes:

Intermediate Securities
Distribution

telco 20051006




                          CHOS EXER
                               NOAC
RHTS - Rights Issue            LAPS
                               OVER
In SR2006 name
becomes:                          SLLE
                                  BUYA
Rights
Issue/Subscription
Rights/Rights Offer




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                                           JP        GLOBAL GRID                                  ES                                UK&IE                                                                                    DK                                DE
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments                        CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                                                          CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a
                               CASH                                                                                                                                                                                                    n/a
PRII - Interest Payment
with Principle
ACTV - Trading status
active                    VOLU SECU                                                                                                              Note that the UK&IE market now endorse the use of the EXERcise option                   n/a
                               OVER                                                                                                              following the introduction of entitlement securities in CREST on 20040612
PRIO - Priority Issue                                                                                                                            Use SECU when outturn known, following usage rule for option
                                                                                                                                                 Use RHDI if offer is dematerialised

                          VOLU EXER
                               OVER
                               BUYA
                          MAND CASH                     Maturity Redemption




REDM - Final Maturity



                          CHOS CASH

                          MAND SECU        CHOS SECU                                                                                CHOS CASH
                                                                                                                                         SECU
                          MAND no                                                                                                                                                                                                        n/a
                               options
REDO - Redenomination
                          MAND SECU
                          CHOS SECU                                                                                                                                                                                                      n/a
                               CASH




REMK - Remarketing
Agreement




                          MAND SECU                     There are two types of CA action
                                                        concerning right issue, one event right
                                                        issue and two-event right issue. For
RHDI - Rights
                                                        one event right issue, we use RHTS
Distribution
                                                        with CAOP VOLU. For two-event right
                                                        issue, we use RHDI for the 1st event
In SR2006 name
                                                        with CAOP MAND and VOLU, and
becomes:
                                                        RHTS for the second event with
                                                        CAOP VOLU. The reason for using
Intermediate Securities
                                                        VOLU is that shareholders are given
Distribution
                                                        an option for each step.
telco 20051006
                                                        1st event of New Share Subscription
                                                        Rights

                                           VOLU SECU New Shares Subscription Rights
                                                NOAC
                                                LAPS
                          CHOS EXER                  JP uses this only as Voluntary                                                              n/a
                               NOAC                  Actions.
RHTS - Rights Issue            LAPS
                               OVER
In SR2006 name
becomes:                          SLLE
                                  BUYA
Rights
Issue/Subscription
Rights/Rights Offer




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                                       EIG Compiled                                                                                                                  40 of 105
                                                           GLOBAL GRID
CA Event Indicator        CAMV CAOP        Definition / comments
                          MAND n/a
                               CASH        N/A
PRII - Interest Payment
with Principle
ACTV - Trading status
                          VOLU SECU        Vorrechtszeichnung
active
                               OVER
PRIO - Priority Issue


                          VOLU EXER
                               OVER
                               BUYA
                          MAND CASH




REDM - Final Maturity



                          CHOS CASH

                          MAND SECU

                          MAND no      n/a
                               options
REDO - Redenomination
                          MAND SECU
                          CHOS SECU        n/a
                               CASH




REMK - Remarketing
Agreement




                          MAND SECU        n/a


RHDI - Rights
Distribution

In SR2006 name
becomes:

Intermediate Securities
Distribution

telco 20051006




                          CHOS EXER
                               NOAC
RHTS - Rights Issue            LAPS
                               OVER
In SR2006 name
becomes:                          SLLE
                                  BUYA
Rights
Issue/Subscription
Rights/Rights Offer




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                 EIG Compiled   41 of 105
                                                            GLOBAL GRID                                        US                                                                  LU                                FR
CA Event Indicator        CAMV CAOP        Definition / comments                                               CAMV CAOP Definition / comments                                     CAMV CAOP Definition / comments   CAMV CAOP
                          VOLU EXER        May sometimes be VOLU when holder is not required to
                               NOAC        participate in the whole event
                               LAPS
                               OVER

                                  SLLE
                                  BUYA




SCOP - Suspension of                       To be deleted in SR2006 maintenance
Corp. Action Privilege
                          MAND CASH        SR2006 Definition "Shareholders receive an amount in cash
SHPR - Shares Premium                      issued from the equity premium reserve. This event is similar to
                                           a dividend but has different tax implications."
In SR2006 name
becomes:

Equity Premium Reserve

                          MAND no      SR2005 Definition "Modification of the smallest negotiable unit
                               options of shares in order to obtain a new negotiable unit."
SMAL - Smallest
                                           SECU only if ISIN changes
Negotiable Unit
                          MAND SECU
                                           Retained in SR2006 maintenance on a second vote until an
                                           alternative is available for this reference data change
                          MAND SECU        SR2006 Definition "A distribution of subsidiary stock to the
                                           shareholders of the parent company without a surrender of
                                           shares. Spin-off represents a form of divestiture resulting in an
                                           independent company. Normally this is without cost to the
                                           parent issue shareholder. Eg, demerger, distribution,
                                           unbundling."
SOFF - Spin-Off
                                           SR2005 Definition "Demerger; Distribution; Unbundling.
                                           A distribution of subsidiary stock to the shareholders of the
                                           parent company without a surrender of shares. Spin-off
                                           represents a form of divestiture resulting in an independent
                                           company. Normally this is without cost to the parent issue
                                           shareholder."



                          MAND SECU        SR2006 Definition "Increase in a corporation's number of
                                           outstanding equities without any change in the shareholder's
SPLF - Stock Split
                                           equity or the aggregate market value at the time of the split.
                                           Equity price and nominal value are reduced accordingly."
In SR2006 name
becomes:
                                           SR2005 Definition "Change in nominal value; Subdivision.
                                           The increase in a company's number of outstanding shares of
Stock Split/Change in
                                           stock without any change in the shareholder's equity or the
Nominal
                                           aggregate market value at the time of the split. Stock price and
Value/Subdivision
                                           nominal value are reduced accordingly."

                          MAND SECU        SR2006 Definition "Decrease in a company's number of
                                           outstanding equities without any change in the shareholder's
SPLR - Reverse Stock
                                           equity or the aggregate market value at the time of the split.
Split
                                           Equity price and nominal value are increased accordingly."
In SR2006 name
                                           SR2005 Definition "Change in nominal value; Consolidation.
becomes:
                                           The decrease in a company's number of outstanding shares of
                                           stock without any change in the shareholder's equity or the
Reverse Stock
                                           aggregate market value at the time of the split. Stock price and
Split/Change in Nominal
                                           nominal value are increased accordingly."
Value


                                                                                                               CHOS SECU CHOS: used for reverse splits with dissenter's rights                                       CHOS SECU
                                                                                                                    CONN                                                                                                  SLLE
                                                                                                                                                                                                                          BUYA




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                                                            EIG Compiled                                                 42 of 105
                                                          GLOBAL GRID                              FI
CA Event Indicator        CAMV CAOP        Definition / comments                                   CAMV CAOP Definition / comments
                          MAND n/a
                          VOLU EXER
                               NOAC
                               LAPS
ACTV - Trading status
                               OVER
active
                                  SLLE
                                  BUYA




SCOP - Suspension of
Corp. Action Privilege
                          MAND CASH                                                                            n/a
SHPR - Shares Premium

In SR2006 name
becomes:

Equity Premium Reserve

                          MAND no      n/a                                                                     n/a
                               options
SMAL - Smallest
Negotiable Unit
                          MAND SECU


                          MAND SECU




SOFF - Spin-Off




                          MAND SECU
SPLF - Stock Split

In SR2006 name
becomes:

Stock Split/Change in
Nominal
Value/Subdivision


                          MAND SECU
SPLR - Reverse Stock
Split

In SR2006 name
becomes:

Reverse Stock
Split/Change in Nominal
Value


                                           Used when the issuer suggests these options given the
                                           ratio for the event.




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                             EIG Compiled   43 of 105
                                           SE             GLOBAL GRID               NO                            AU                                                                          CH
CA Event Indicator        CAMV CAOP        CAMV CAOP      Definition / comments CAMV CAOP Definition / comments   CAMV CAOP Definition / comments                                             CAMV CAOP Definition / comments
                          MAND n/a
                          VOLU EXER             SLLE      RHTS are announced as                                             AU has adopted a single message approach to Rights issues - using
                               NOAC             can       VOLU in SE, since no                                              the RHTS message. Note the SLLE option is only published on
                               LAPS             also      action is required by the                                         renounceable rights issues. The OVER option is used only when
ACTV - Trading status
                               OVER             be        holder - if the holder                                            advised by the issuer to do so
active
                                                offere    does not participate the
                                  SLLE          d by      rights will automatically
                                  BUYA          the       lapse
                                                issuer,
                                                commi
                                                ssion-
                                                free

SCOP - Suspension of
Corp. Action Privilege
                          MAND CASH                       n/a                               n/a
SHPR - Shares Premium

In SR2006 name
becomes:

Equity Premium Reserve

                          MAND no                         n/a                               n/a                                n/a                                                                      n/a
                               options
SMAL - Smallest
Negotiable Unit
                          MAND SECU


                          MAND SECU                                                                                            n/a




SOFF - Spin-Off




                          MAND SECU
SPLF - Stock Split

In SR2006 name
becomes:

Stock Split/Change in
Nominal
Value/Subdivision


                          MAND SECU
SPLR - Reverse Stock
Split

In SR2006 name
becomes:

Reverse Stock
Split/Change in Nominal
Value


                                                                                                                                                                                           CHOS SECU CONN used for dissenter's rights.
                                                                                                                                                                                                CONN




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                                          EIG Compiled                                                                           44 of 105
                                           JP        GLOBAL GRID                               ES                                UK&IE                             DK                                DE
CA Event Indicator        CAMV CAOP        CAMV CAOP Definition / comments                     CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a
                          VOLU EXER
                               NOAC
                               LAPS
ACTV - Trading status
                               OVER
active
                                  SLLE
                                  BUYA




SCOP - Suspension of
Corp. Action Privilege
                          MAND CASH
SHPR - Shares Premium

In SR2006 name
becomes:

Equity Premium Reserve

                          MAND no                      Most of the JP Servicers do not use                                                                                     n/a
                               options                 CAOP considering the event attribute.
SMAL - Smallest
                                                       Change(board lot size)
Negotiable Unit
                          MAND SECU


                          MAND SECU                    JP uses this only as Mandatory
                                                       Actions.




SOFF - Spin-Off




                                                                                                                                                                                                     CHOS   BUYA
                                                                                                                                                                                                            SLLE

                          MAND SECU                    Stock Split
                                                       Bonus Issue
SPLF - Stock Split

In SR2006 name
becomes:

Stock Split/Change in
Nominal
Value/Subdivision


                          MAND SECU                    JP uses this only as Mandatory
                                                       Actions.
SPLR - Reverse Stock
Split
                                                       Consolidation
                                                       Capital Reduction
In SR2006 name
becomes:

Reverse Stock
Split/Change in Nominal
Value




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                                    EIG Compiled                                                           45 of 105
                                                             GLOBAL GRID
CA Event Indicator        CAMV CAOP        Definition / comments
                          MAND n/a
                          VOLU EXER        N/A
                               NOAC
                               LAPS
ACTV - Trading status
                               OVER
active
                                  SLLE
                                  BUYA




SCOP - Suspension of
Corp. Action Privilege
                          MAND CASH        N/A
SHPR - Shares Premium

In SR2006 name
becomes:

Equity Premium Reserve

                          MAND no      N/A
                               options
SMAL - Smallest
Negotiable Unit
                          MAND SECU


                          MAND SECU




SOFF - Spin-Off




                                            BUYA or SLLE applicable to the fractions. If the option of trading
                                           the fractions is not applicable, usually the indicator DISF is
                                           provided.
                          MAND SECU
SPLF - Stock Split

In SR2006 name
becomes:

Stock Split/Change in
Nominal
Value/Subdivision


                          MAND SECU
SPLR - Reverse Stock
Split

In SR2006 name
becomes:

Reverse Stock
Split/Change in Nominal
Value




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                         EIG Compiled   46 of 105
                                                      GLOBAL GRID                                             US                                                           LU                                FR
CA Event Indicator        CAMV CAOP Definition / comments                                                     CAMV CAOP Definition / comments                              CAMV CAOP Definition / comments   CAMV CAOP
                          MAND no      SR2005 Definition "Trading in the security has been
                               options suspended."

SUSP - Trading Status:    MAND SECU        SECU only if ISIN changes
Suspended
                                           Retained in SR2006 maintenance on a second vote until an
                                           alternative is available for this reference data change

                          VOLU SECU        SR2006 Definition "An offer made to shareholders, normally by VOLU CTEN If CTEN used it is as the only option with NOAC                                           VOLU SLLE
                               CASE        a third party, requesting them to sell (tender) or exchange their                                                                                                      BUYA
TEND - Tender                  CASH        equities."

                                           SR2005 Definition "Acquisition; Take-over; Offre publique de
                                           retrait (FR); Purchase offer/buy-back. An offer made to
                                           shareholders, normally by a third party, requesting them to sell
                                           (tender) their shares for a specified price usually at a premium
See the 'Complex'                          over prevailing market prices. Generally, the objective of a
worksheet in order to                      tender offer is to take control of the target company."
distinguish between
BIDS, CHAN, CONV,                          Initiated by a third party.
EXOF, MRGR, TEND                           Typically VOLU, when the tender reaches the 'squeeze out'
                                           stage it will be MAND

                          MAND    SECU     "Squeeze out bid"
                          MAND    CASE
                          MAND    CASH
                          MAND    CASH     SR2006 Definition "Event related to tax reclaim activities."
                                           Use as per SLA - for holders who subscribe to the service the
TREC - Tax Reclaim                         event is mandatory.
                                           Cross reference to the CORP of the original event if possible

                          VOLU no      SR2006 Definition "Certification request for withholding tax
                               options reduction or exemption based on the tax status of the holder."
WRTC - Withholding Tax
Relief Certification
                                           Holder communication is paper based
New in SR2006


                          MAND LAPS        SR2005 Definition "Booking out of valueless securities."
                                           Note that there is no outturn. LAPS used in the MT 566
WRTH - Worthless                           confirmation for the account movement
                                           If there is any payment involved, another event type should be
                                           used (liquidation, exchange etc.).




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                                                    EIG Compiled                                                 47 of 105
                                                   GLOBAL GRID                                           FI
CA Event Indicator        CAMV CAOP Definition / comments                                                CAMV CAOP Definition / comments
                          MAND n/a
                               no                                                                                  n/a
                               options
ACTV - Trading status
SUSP - Trading Status:    MAND SECU
active
Suspended




                          VOLU SECU        These options offered in addition.
                               CASE
TEND - Tender                  CASH        1. For Sales facilities, please see also BIDS
                                           2. Please refer to FR Market Practice rules on the SMPG
                                           Web site where nine different cases are detailed for the
                                           use of CAEV = TEND. These cases are :
                                           - Takeover bids vs cash : on the Market, centralized offer,
                                           mix offer (on the Market and centralized)
See the 'Complex'                          - Takeover bid vs cash with subsidiary offer vs security
worksheet in order to                      - Exchange offer with subsidiary offer vs cash
distinguish between                        - Mix offer (vs securities + vs Cash + vs Securities and
BIDS, CHAN, CONV,                          Cash)
EXOF, MRGR, TEND                           - Repurchase offer : on the Market, centralized
                                           - Squeeze out : on the Market, centralized

                          MAND    SECU
                          MAND    CASE
                          MAND    CASH
                          MAND    CASH                                                                   n/a         n/a MT566 used

TREC - Tax Reclaim


                          VOLU no
                               options
WRTC - Withholding Tax
Relief Certification

New in SR2006


                          MAND LAPS

WRTH - Worthless




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                                   EIG Compiled   48 of 105
                                       SE     GLOBAL GRID                    NO                                AU                                          CH
CA Event Indicator        CAMV CAOP CAMV CAOP Definition / comments          CAMV CAOP Definition / comments   CAMV CAOP Definition / comments             CAMV CAOP Definition / comments
                          MAND n/a
                               no                                                      n/a                                                                           n/a
                               options
ACTV - Trading status
SUSP - Trading Status:    MAND SECU
active
Suspended




                          VOLU SECU                                                                                                                        VOLU BUYA These options offered in addition
                               CASE                                                                                                                             SLLE
TEND - Tender                  CASH




See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND


                          MAND    SECU
                          MAND    CASE
                          MAND    CASH
                          MAND    CASH                                                   n/a                               n/a

TREC - Tax Reclaim


                          VOLU no                n/a (Tax certification is
                               options           only required when
WRTC - Withholding Tax
                                                 opening a new account,
Relief Certification
                                                 or changing an existing
                                                 account. It is not
New in SR2006
                                                 regarded as a CA.)

                          MAND LAPS

WRTH - Worthless




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                                    EIG Compiled                                                 49 of 105
                                       JP     GLOBAL GRID                                ES                                UK&IE                             DK                                DE
CA Event Indicator        CAMV CAOP CAMV CAOP Definition / comments                      CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV CAOP Definition / comments   CAMV   CAOP
                          MAND n/a
                               no
                               options
ACTV - Trading status
SUSP - Trading Status:    MAND SECU
active
Suspended




                          VOLU SECU        VOLU SLLE   This option offered in addition
                               CASE
TEND - Tender                  CASH




See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND


                          MAND    SECU
                          MAND    CASE
                          MAND    CASH
                          MAND    CASH

TREC - Tax Reclaim


                          VOLU no
                               options
WRTC - Withholding Tax
Relief Certification

New in SR2006


                          MAND LAPS

WRTH - Worthless




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                                              EIG Compiled                                                           50 of 105
                                                    GLOBAL GRID
CA Event Indicator        CAMV CAOP Definition / comments
                          MAND n/a
                               no      N/A
                               options
ACTV - Trading status
SUSP - Trading Status:    MAND SECU
active
Suspended




                          VOLU SECU
                               CASE
TEND - Tender                  CASH




See the 'Complex'
worksheet in order to
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND


                          MAND    SECU
                          MAND    CASE
                          MAND    CASH
                          MAND    CASH     N/A
                                           The German Market Practice standards does not permit the
TREC - Tax Reclaim                         event code TREC anymore. These events will be reportet with
                                           the original event (usually DVCA) and the Additional Business
                                           Process Indicator TAXR in Seq. C (MT 566).

                          VOLU no
                               options
WRTC - Withholding Tax
Relief Certification

New in SR2006


                          MAND LAPS

WRTH - Worthless




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                                                   EIG Compiled   51 of 105
Initiation by:                   Issuer of Underlying Security                              Third Party                                Holder
                                        Two or more
                      1 company          companies                                                                                            Resulting in a
                                                        In the terms of the
                 (Issuer of underlying (Issuer of                                                                    Same security type      different security
                                                        underlying security
                       security)         underlying                                                                                                 type
                                           security)

                     EXOF                               REDM, MCAL, PCAL,
    MAND                                    MRGR                                     TEND (e.g.squeeze out)
                 CHAN + sub codes                         DRAW or CONV


    CHOS                EXOF                MRGR


                        BIDS                                                                                         CHAN + sub codes
    VOLU                                                                            TEND (cash and/or stock)                                        CONV
                        EXOF                                                                                             BPUT


  Note, this worksheet has been created because of the difficulty in distinguishing between the CAEV code to be used for some
  events, specifically:
    BIDS - Repurchase Offer/Issuer Bid/Reverse Rights;
    CHAN - Change;
    CONV - Conversion;
    EXOF - Exchange;
    EXOP, subsequently proposed for deletion;
    MRGR - Merger;
    TEND - Tender.

  Other CAEV codes may be more suitable, eg a spinoff (SOFF), and may continue to be used. Other more specific CAEV codes
  are NOT excluded from use because they do not appear in this worksheet, eg pari passu (PARI).

  This led to the creation of a matrix with axes showing:

  * firstly the party initiating the event:
            + the issuer of the underlying security;
            + a third party;
            + or the holder of the underlying security;

  * and secondly whether the event is:
         + mandatory (MAND);
         + mandatory with options (CHOS);
         + or voluntary (VOLU).

  Other distinguishing criteria are:
  * the outturn, whether there is a change of security type for the underlying security and
  * the terms of the underlying security.
  COMMENTARY on the CELLS from the SMPG TELCO of 1st July 2005

  B3 - Issuer initiated, 1 company, MAND
  For example exchange of SEC securities in US annouced by the issuer, would use CHAN and the codes to be introduced in SR2006

  B5 - Issuer initiated, 1 company, VOLU, CAEV//EXOF
  For example reorganisations in Argentina and the French fidelity event.

  C4 - Issuer initiated, 2 or more companies, CHOS, CAEV//MRGR
  In some countries, typically Asia/Pacific, the holder may have an option not to take part in the merger

  D4 - Issuer initiated, in the terms of the underlying, CHOS
  A good example here would be the rollover event in Switzerland: in this case what happens is that as per the terms and conditions, certificates
  redeem/are exchanged into either cash or new certificates usually of the same type at maturity date.
  Question outstanding with the SWISS NMPG to see how to best characterize this event: REDM or EXOF (likely to be REDM).

  E3 & E5 - Initiated by third party, CAEV//TEND
  Note that outturn may be stock and/or cash

  F&G 5 - Holder initiated, CAEV//CHAN & CONV
  Note that for Holder initiated events, the account servicer may still use an MT 564 to notify the holder of their rights to CONVert or CHANge their holding.




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                    Complex                                                                      52 of 106
b9668958-7820-415d-bf36-a060f9dd6c8d.xls   Complex   53 of 106
v0_9                In Complex:
                    Add FR comment regarding the decision to cancel the EXOP code used in France for the
                    loyalty bonus share plans and further to a conversation I [J-PK] had with Bernard, it is
                    agreed that the proposal made to the FR NMPG is to use CHAN//BERE for this type of
                    event. I hope they will be not too angry !!!

v1_0                Reposition EIG Compiled, Complex and Change Log worksheets to the start of the
                    spreadsheet for convenience

                    Following the telco on 20050922 update events from DVSC to ODLT

                    Ensure that where applicable the SR2006 definition is included in the description. The
                    default is the SR2005 definition

v1_1                Updates to Global Grid (EIG Compiled worksheet) discussed at SMPG CA WG telco 6th
                    October 2005, events from OTHR to WTRC




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                         Change Log                                    54 of 105
CA Event Indicator    CAMV CAOP            Definition / comments
BPUT - Put Redemption VOLU CASH            SR2005 Definition "Early redemption of a bond at the election of the bondholder subject to the terms
                           NOAC            and condition of the issue."
telco 20050401
                                           UK&IE Proposal [for SR2007 ? ] "Early redemption of a bond security at the election of the bondholder subject to the
                                           terms
                                           and condition of the issue"

CAPG - Capital Gains     MAND CASH         SR2005 Definition "Distribution of profits resulting from the sale of securities. Shareholders of Mutual Funds, Unit
Distribution                               Trusts, or Sicavs are recipients of capital gains distributions which are often reinvested in additional shares of the
                                           fund."
telco 20050401
                                           UK&IE Proposal [for SR2007 ? ] "Distribution of profits resulting from the sale of company assets securities.
                                           Shareholders of
                                           Mutual Funds, Unit Trusts, or Sicavs are recipients of capital gains distributions which are often reinvested in additional
                                           shares of the fund."

                                 Agreed this is a separate event for tax reasons
CERT - Non-US TEFRA CHOS SMPG/QI
D Certification          NV      QINV - Qualified Investor

New in SR2006                    SMPG/N
                                 OQU    NOQU - Non Qualified Investor

                                           Option codes to be requested for SR2007

                                           SR2006 Definition "Non-US beneficial owner certification requirement for exchange of temporary to permanent notes."

CONV - Conversion        MAND SECU         Maybe MAND when initaited by the issuer
                                           Maybe VOLU when initiated by the investor
See the 'Complex'        VOLU SECU         SR2006 Definition "Conversion of securities (generally convertible bonds or preferred shares) into another form of
worksheet in order to                      securities (usually common shares) at a pre-stated price."
distinguish between
BIDS, CHAN, CONV,                          SR2005 definition:
EXOF, MRGR, TEND                           "Conversion or optional exchange of securities (generally convertible bonds or preferred shares) into another form of
                                           securities (usually common shares) at a pre-stated price."

SMPG F/M 20050428                          UK&IE proposal [SR2007 Still required? ]:
                                           "Conversion into another form of securities at a pre-stated price."



b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                    SR2007 CRs                                                                          55 of 105
CA Event Indicator       CAMV CAOP         Definition / comments
CPST - Coupon            VOLU SECU         SR2005 Definition " Coupon stripping is the process whereby interest coupons for future payment dates are separated
Stripping                                  from the security corpus that entitles the holder to the principal repayment."

telco 20050401                             The event does not normally have an annoucement. The event is initiated by the security holder.

                                           Deletion to be requested in SR2007
DETI - Detachment        MAND SECU         SR2005 Definition "Separation of components that comprise a security – usually units comprised of warrants and bond
                                           or warrants and equity. Units may be broken up at the request of the security holder or based on market convention."
SMPG F/M 20050428
                                           Component can be any instrument (not restricted)

                                           UK&IE definition amendment agreed by SMPG CA WG, to be put forward for SR2007

                                           "Separation of components that comprise a security. Units may be broken up at the request of the security holder or
                                           based on market convention."

                         VOLU SECU
DRAW - Drawing           MAND CASH         SR2006 Definition "Redemption in part before the scheduled final maturity date of a security. Drawing is distinct from
                                           partial call since drawn bonds are chosen by lottery and results are confirmed to bondholder."
SMPG F/M 20050428
                                           SR2005 Definition "Redemption in part before the scheduled final maturity date of a security."

                                           SMPG proposed defintion amendment [SR2007?]:
                                           "Redemption in part by lottery before the scheduled final maturity date of a security."

                                           [Is this still required in view of the SR2006 definition below, which mentions ''lottery?]
DRIP - Dividend          CHOS SECU         SR2006 Definition "A dividend payment where the cash dividend is rolled over into additional shares in the issuing
Reinvestment                  CASH         company."

SMPG F/M 20050428                          SMPG proposed defintion amendment [SR2007?]:
                                           Dividend payment where cash dividend MAY be rolled over into additional shares in the issuing company.

                                           Distinguished from the SECU option of CAEV//DVOP because the company invests the dividend in the market rather
                                           than creating new share capital in exchane for the dividend.

                                           The case where a holder signs-up for a standing reinvestment plan is not considered an event, it is a service offering.




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                    SR2007 CRs                                                                       56 of 105
CA Event Indicator       CAMV CAOP         Definition / comments
DVCA - Cash Dividend     MAND CASH         SR2006 Definition "Distribution of cash to shareholders, in proportion to their equity holding. Ordinary dividends are
                                           recurring and regular. Shareholder must take cash and may be offered a choice of currency."
SMPG F/M 20050428
                                           SR2005 Definition "Distribution of cash to shareholders, in proportion to their equity holding. Ordinary dividends are
                                           recurring and regular. Shareholder must take cash and is not offered a choice in the form of distribution."

                                           SMPG proposed defintion amendment [SR2007?]:
                                           "Distribution of cash to shareholders, in proportion to their equity holding. Ordinary dividends are recurring and regular.
                                           Shareholder must take cash (which may be offered in more than one currency) and is not offered a choice in the form
                                           of distribution.'"
                                           [Still required given that SR2006 includes ''choice of currency'?]

                         CHOS CASH         Where a currency choice is offered
DVOP - Optional          CHOS CASH         SR2005 Definition "Distribution of a dividend to shareholder with the choice of payment method.
Dividend                      SECU         Shareholder must choose the form of payment - stock, cash, or both."

SMPG F/M 20050428                          SR2006 Definition "Distribution of a dividend to shareholders with a choice of benefit to receive. Shareholders may
                                           choose to receive shares, cash or both."
In SR2006 name
becomes:                                   SR2007 Definition proposal - remove 'or both'

Dividend Option
DVSE - Stock Dividend MAND SECU            SR2005 Definition "Dividend paid to shareholders in the form of shares of stock in the issuing company or in another
telco 20050922                             company. Shareholder must take stock and is not offered a choice in the form of distribution."

                                           UK&IE Proposal [for SR2007?] "Dividend paid to shareholders in the form of shares of stock in the issuing company or
                                           in another company. Shareholder must take stock and is not offered a choice in the form of distribution."

EXOP - Exchange
                                                                                      To be proposed for deletion SR2007
Option
EXWA - Warrant           VOLU NOAC         "European" Warrant - may be offered at specific points in time over a period.
Exercise/Warrant              EXER
Conversion
                                 BUYA
telco 20050401                   SLLE




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                    SR2007 CRs                                                                          57 of 105
CA Event Indicator       CAMV CAOP         Definition / comments
                         CHOS EXER         "North American" Warrant - one-off opportunity to exercise
                              LAPS         And the final opportunity on a "European" Warrant which is about to expire

                                           SR2006 Definition "Option to buy (call warrant) or to sell (put warrant) a specific amount of equities, cash, commodity,
                                           etc, at a predetermined price over a specific period of time."
                                           Agreed to propose to remove 'Warrant Conversion' from the name [SR2007]

INCR - Increase in       MAND no           SR2006 Definition "Increase in the face value of a single security. The number of circulating securities remains
Value                         options      unchanged. This event may include a cash payout to holders."
telco 20050922                             Proposed SR2007 definition "This event may include a cash payout to holders" to "This event is very unlikely to include
                                           a cash payout"
                         MAND SECU         No options unless ISIN changes, then SECU
MRGR - Merger            MAND SECU         SR2006 Definition "Mandatory or voluntary exchange of outstanding securities as the result of two or more companies
                         MAND CASE         combining assets. Cash payments may accompany equity exchange."

SMPG F/M 20050428                          Initiated by the issuer. Involves two or more companies (ie an external, third party company).
See the 'Complex'        CHOS SECU
worksheet in order to    CHOS CASE
distinguish between
BIDS, CHAN, CONV,
EXOF, MRGR, TEND
                         VOLU SECU         UK&IE Proposal [for SR2007?] "Mandatory or voluntary exchange of an outstanding securities, which may include
                         VOLU CASE         options, as the result of two or more companies combining assets. Cash payments may accompany share exchange."

                                           Rarely VOLUntary - NMPGs to consider

ODLT                             MPUT      UK&IE Proposal [for SR2007?] to extend the definition so that it may be used in an ODLT which is mandatory in order
                                           to elexct to retain the holding when the default option wpuld remove the holding
OTHR - Other Event                         SR2005 Definition "Other event."
telco 20051006
                                           UK&IE Proposal [for SR2007 ? ] "Other event, use only when no other event type applies, eg a new event type"

                                           SMPG recommends that this event is not used - no recommendation for options




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                   SR2007 CRs                                                                        58 of 105
CA Event Indicator       CAMV CAOP         Definition / comments
PARI - Pari-passu        MAND SECU         SR2006 Definition "Occurs when securities with different characteristics, eg, equities with different entitlements to
telco 20051006                             dividend or voting rights, are assimilated, ie, become identical in all respects. The event may be scheduled in advance
                                           or be the result of an outside event."
In SR2006 name
becomes:                                   UK&IE Proposal [for SR2007 ? ] "Assimilation. Occurs when securities with different characteristics, eg, shares with
                                           different entitlements to dividend or voting rights, become identical in all respects, ie, pari-passu. May be scheduled in
Pari Passu /                               advance, eg, shares resulting from a bonus may become fungible after a pre-set period of time, or result from outside
Enfranchisement                            events, eg, merger, reorganisation, issue of supplementary tranches, etc."
PPMT - Installment Call CHOS SECU          SR2006 Definition "An instalment towards the purchase of equity capital, subject to an agreement between an issuer
telco 20051006               LAPS          and a purchaser."

                                           UK&IE Proposal [for SR2007?] "Increase of share capital through a Additional payment on face value of
                                           partly-paid shares, with part payments in several instalments."
                                           Still needed in light o the SR2006 Definition?

                                           SECU means that you will make the payment on the security. LAPS means that you will not make the payment and
                                           will forfeit the security. CAMV code should be CHOS - there is a choice and there will always be an action


RHTS - Rights Issue      CHOS EXER         SR2006 Definition "Distribution of a security or privilege that gives the holder an entitlement or right to take part in a
                              NOAC         future event. "
In SR2006 name                LAPS
becomes:                      OVER         SR2005 Definition "Subscription Rights, Rights offer. Privilege granted to existing shareholders of a company to
                                           subscribe to shares of a new issue against payment. Generally before securities are offered to the general public.
Rights                           SLLE      Rights are often tradable in a secondary market."
Issue/Subscription               BUYA
Rights/Rights Offer                        Note that the confirmation of the rights distribution carried out with an MT 566 and a SECU option
                         VOLU EXER         May sometimes be VOLU when holder is not required to participate in the whole event
                              NOAC
                              LAPS         SR2007 definition proposal "Distribution of a security or privilege that may give the holder an entitlement or right to
                              OVER         take part in a future event"

                                 SLLE
                                 BUYA




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                     SR2007 CRs                                                                           59 of 105
CA Event Indicator        CAMV CAOP        Definition / comments
SOFF - Spin-Off           MAND SECU        SR2006 Definition "A distribution of subsidiary stock to the shareholders of the parent company without a surrender of
telco 20051006                             shares. Spin-off represents a form of divestiture resulting in an independent company. Normally this is without cost to
                                           the parent issue shareholder. Eg, demerger, distribution, unbundling."

                                           SR2005 Definition "Demerger; Distribution; Unbundling.
                                           A distribution of subsidiary stock to the shareholders of the parent company without a surrender of shares. Spin-off
                                           represents a form of divestiture resulting in an independent company. Normally this is without cost to the parent issue
                                           shareholder."

                                           UK&IE Proposal [for SR2007?] "Demerger; Distribution; Unbundling.
                                           A distribution of subsidiary stock to the shareholders of the parent company without a surrender of shares. Spin-off
                                           represents a form of divestiture resulting in an independent company. Normally This is without cost. "

SPLR - Reverse Stock      MAND SECU        SR2006 Definition "Decrease in a company's number of outstanding equities without any change in the shareholder's
Split                                      equity or the aggregate market value at the time of the split. Equity price and nominal value are increased accordingly."

In SR2006 name                             SR2005 Definition "Change in nominal value; Consolidation.
becomes:                                   The decrease in a company's number of outstanding shares of stock without any change in the shareholder's equity or
                                           the aggregate market value at the time of the split. Stock price and nominal value are increased accordingly."
Reverse Stock
Split/Change in Nominal                    Ideally an opposite of ADEX is required to indicate number of shares given up for an existing holding. NEWO is not
Value                                      appropriate as the ISIN stays the same. To be submitted as an CR for SR2007

telco 20051006




b9668958-7820-415d-bf36-a060f9dd6c8d.xls                                   SR2007 CRs                                                                        60 of 105
Action Type               Int’l vs. U.S. SWIFT Indicator          SWIFT Action Type / Code Word
US Corporate Actions

Capital Gains Distribution US          MAND                       CAPG - Capital Gains Distribution




Consent Offer            US            VOLU                       CONS - Consent Offer
Partial Defeasance/ Pre-
refunding                US            MAND                       PDEF - Partial Defeasance/ Pre-refunding
US / International Corporate Actions
Bankruptcy
Proof of Claim


                         US / Int‟l    MAND /                     BRUP
Bankruptcy
Plan of Reorganization                                            BRUP




                         US / Int‟l    MAND / CHOS

Bankruptcy
Consent


                         US / Int‟l    CHOS                       BRUP
                                       MAND




                                       Use for dividends with
                                       no option.



                                       CHOS:
                                       Use     for     dividend
                                       currency options

Cash Dividend            US / Int‟l                               DVCA - Cash Dividend




Change                   US / Int‟l    MAND                       CHAN - Change
Change                           US / Int‟l   MAND                      CHAN - Change




Consent Offer                    US / Int‟l   VOLU                      CONS - Consent Offer




Consent & Exchange               US / Int‟l   VOLU                   EXOF - Exchange
                                              MAND:
                                              Use    for   mandatory
                                              conversions.

                                              VOLU:
                                              Use      for   optional
                                              conversions.




Conversion                       US / Int‟l                             CONV - Conversion
Decrease in Value            /
Return of Capital                US / Int‟l   MAND                      DECR - Decrease In Value
Default Distribution             US / Int‟l   MAND                      DFLT - Bond Default




Dividend Reinvestment            US / Int‟l   CHOS                      DRIP - Dividend Reinvestment




Dutch Auction          /   Bid
Tender                           US / Int‟l   VOLU                      DTCH - Dutch Auction, Bid Tender
Exchange                     US / Int‟l   MAND / VOLU / CHOS   EXOF - Exchange




Full Call                    US / Int‟l   MAND / CHOS          MCAL - Full Call

Interest Payment             US / Int‟l   MAND                 INTR - Interest Payment




Interest      Payment   w/
Principle                    US / Int‟l   MAND                 PRII - Interest Payment w/ Principle
Liquidation                  US / Int‟l   MAND                 LIQU - Liquidation




Maturity Extension           US / Int‟l   MAND / CHOS          EXTM - Maturity Extension




Merger                       US / Int‟l   MAND / CHOS          MRGR - Merger




Name Change                  US / Int‟l   MAND / CHOS          NAME - Name Change



Odd Lot Tender               US / Int‟l   VOLU                 ODLT - Odd Lot Offer


Optional Dividend            US           CHOS                 DVOP - Optional Dividend
Other                        US / Int‟l   MAND / VOLU / CHOS   OTHE - Other Event
Partial Call             US / Int‟l   MAND / CHOS          PCAL - Partial Call
Pay in Kind              US / Int‟l   MAND                 PINK - Payment in Kind


Place of Incorporation   US / Int‟l   MAND / CHOS          PLAC - Place of Incorporation




Put Redemption           US / Int‟l   MAND / VOLU / CHOS   BPUT - Put Redemption


Redemption               US / Int‟l   MAND                 REDM - Final Maturity

Redemption of Rights     US / Int‟l   MAND                 MCAL - Full Call

Remarketing Agreement    US / Int‟l   MAND                 REMK - Remarketing Agreement




Reverse Stock Split      US / Int‟l   MAND / CHOS          SPLR - Reverse Stock Split
Rights Distribution      US / Int‟l   MAND                 RHDI - Rights Distribution




                                                           SMPG/EXRI effective with SRG2002 (Data Source Scheme)

                                                           EXRI effective with SRG 2003



Rights Subscription      US / Int‟l   VOLU
Scrip Dividend           US / Int‟l   MAND                 DVSC - Scrip Dividend
Stock Dividend           US / Int‟l   MAND                 DVSE - Stock Dividend




Stock Spin-Off           US / Int‟l   MAND / CHOS          SOFF - Spin-Off
Stock Split              US / Int‟l   MAND                 SPLF - Stock Split




Tender                   US / Int‟l   VOLU                 TEND - Tender
Tender                 US / Int‟l   VOLU          TEND - Tender


Tax Reclaim            US / Int‟l   MAND          TREC - Tax Reclaim
Trading Status:
De-listed              US / Int‟l   MAND          DLST - Trading Status De-listed


Unit Separation        US / Int‟l   MAND / VOLU   DETI - Detachment




Warrant Exercise       US / Int‟l   VOLU / CHOS   EXWA - Warrant Exercise
Warrant Distribution   US / Int‟l   MAND          BONU - Bonus Issue
International Corporate Actions
Attachment             Int‟l        MAND          ATTI - Attachment

Bonus Issue



/ Bonus Rights




                       Int‟l        MAND / VOLU   BONU - Bonus Issue
Coupon Stripping       Int‟l        MAND          CPST - Coupon Stripping
Drawing                Int‟l        MAND          DRAW - Drawing




Exchange Option        Int‟l        VOLU          EXOP - Exchange Option




General Meeting        Int‟l        VOLU          MEET - General Meeting


Increase in Value      Int‟l        MAND          INCR - Increase in Value
Increase in Value              Int‟l   MAND   INCR - Increase in Value



Installment Payment            Int‟l   VOLU   PPMT - Installment Call




Odd Lot Tender                 Int‟l   VOLU   ODLT - Odd Lot Offer




Optional Dividend              Int‟l   CHOS   DVOP - Optional Dividend

Pari-passu / Assimilation Int‟l        MAND   PARI - Pari-passu




Priority Offer                 Int‟l   VOLU   PRIO - Priority Issue


Redenomination                 Int‟l   MAND   REDO - Redenomination




Subscription Offer             Int‟l   VOLU   PRIO - Priority Issue

Smallest Negotiable Unit Int‟l         MAND   SMAL - Smallest Negotiable Unit
Suspension of         Corp.
Action Privilege               Int‟l   MAND   SCOP - Suspension of Corp. Action Privilege
Trading              Status:
Suspended                      Int‟l   MAND   SUSP - Trading Status: Suspended
Corporate Action Event Option
Code


CASH


Consent (CONY)
Consent Denied (CONN)



Abstain (ABST)
Take No Action (NOAC)



SECU


For Mandatory Actions
ABST
OTHE


For Mandatory Actions
CASE
CASH
SECU

For Mandatory w/ Options Actions
CASE
CASH
SECU

For Mandatory w/ Options Actions
CONN
CONY
ABST
For Mandatory Actions:




Accept Cash (CASH)



For Mandatory w/ Options Actions:

Accept Cash (CASH)
(if CHOS then each ccy listed as
separate CASH Option)




SECU
SECU



Consent (CONY)
Consent Denied (CONN)



Abstain (ABST)
Take No Action (NOAC)


For Voluntary
NOAC
CASH
CASE
SECU
CEXC
CONY
CONN
For Mandatory Actions:

CASH

SECU

CASE


For Voluntary Actions:

Convert (CONV)
Take No Action (NOAC)



CASH / SECU
CASH
Reinvestment (DRIP)
Accept Cash (CASH)




Tender @ Specified Price (PUTT )
Take No Action (NOAC)

Tender @ Unspecified Price (CASH )


For Mandatory Actions:
Accept Shares (SECU)
Accept Cash & Securities (CASE)
CASH
For Voluntary
BEAR
REGD
144A
NOAC
CASH
CASE
SECU
Mandatory w/ Options Actions:
Accept Cash & Securities (CASE)
Accept Shares (SECU)
CASH
CONN
For Mandatory Actions:
Accept Cash (CASH )



For Mandatory w/ Options Actions:
CASH
CONV

CASH




CASH
CASH
For Mandatory Actions
SECU

For Mandatory w/ Options Actions
SECU
MPUT
For Mandatory Actions:
Cash (CASH)
Shares (SECU)
Cash & Securities (CASE)

For Mandatory w/ Options Actions:
CASH
SECU
CASE
CONN
NOAC
CEXC
For Mandatory Actions:
SECU

For Mandatory w/ Options Actions:
SECU
CONN
CASH
Take No Action (NOAC)
BUYA
CASH
SECU
OTHE
For Mandatory Actions:
CASH

For Mandatory w/ Options Actions:
Convert (CONV)


CASH


SECU
SECU
CONN
For Mandatory Actions:
CASH

For Mandatory w/ Options Actions:
Put (PUTT)
Retain (MPUT)
For Voluntary Actions:
Put (PUTT)

Take No Action (NOAC)


CASH

CASH

SECU
For Mandatory Actions
SECU

For Mandatory w/ Options Actions
SECU
CONN
SECU


Subscribe (EXER)
Subscribe w/ Oversubscription (OVER)
Sell Privilege (SLLE)
Take No Action (NOAC)
Lapse (LAPS)
BUYA



SECU
SECU
For Mandatory Actions:
Accept Shares (SECU)
For Mandatory w/ Options Actions:
Accept Shares (SECU)



SECU
Tender (CASH)
Take No Action (NOAC)
CTEN
CONN
SECU
CASE


CASH


SECU


SECU
For Voluntary Actions:
Exercise (EXER)
Take No Action (NOAC)
Sell (SLLE)
LAPS



For Mandatory w/ Options Actions:
Exercise (EXER)
Take No Action (NOAC)
Sell (SLLE)
SECU


SECU
For Mandatory Actions:
Accept Shares (SECU)
For Voluntary
Sell Rights (SLLE)
Take No Action (NOAC)
Subscribe (EXER)
Lapse (LAPS)

BUYA
SECU
SECU

Take No Action (NOAC)
BEAR
REGD
REGS
SECU
CASH
CASE



CONN
CONY
ABST
NOAC
PROX
SPLI
REGD


SECU
SECU
Take No Action (NOAC)

OTHE
CASH
Take No Action (NOAC)
BUYA
CONN (Consent Denied)
SLLE
CASH
SECU
DRIP

SECU
Subscribe (EXER)
Take No Action (NOAC)
OVER



SECU


Take No Action (NOAC)
OVER
EXER

SECU
Usage Guidelines




CONY = Consent Granted: Event or Proposal approved

CONN = Consent Denied: Event or Proposal not approved
ABST = Abstain: Vote expressed as abstain. In this case, the issuing company will add the number of shares to the
quorum of the meeting. If the voting right is not executed, it will not be added to the quorum. In this case, code NOAC
should be used.




MAND = initial filing (OTHE)
For selection of the Plan of Reorg „package‟.
Note- exception to the Noun/Verb rule.




CHOS = consent to the Plan of Reorg
Use generic mapping of DVCA – Cash Dividend for:
Closed End Fund Distribution                                    ADR Dividend (US)
Dividend Arrears                                                 Dividend Omitted
Dividend Rescinded                                            Fidelity Fund Distribution
Fund Distribution (Networked)                                        Fund Distribution
LTD Partnership Distribution                                       Royal (LTD Partnership)
Special Cash Dividend.




Use generic mapping of CHAN – Change for:
Change in ADR Basis (US)                                    Reconventioning
Security ID Change



In addition to reporting generic changes to the security, also use to report escrow to maturity and the trading with rights.
If used for an escrow to maturity, a security is not received. This usually means that the security is fully funded and may
not require a change to the asset ID. If not then there would not be an option.


CONY = Consent Granted: Event or Proposal approved

CONN = Consent Denied: Event or Proposal not approved
ABST = Abstain: Vote expressed as abstain. In this case, the issuing company will add the number of shares to the
quorum of the meeting. If the voting right is not executed, it will not be added to the quorum. In this case, code NOAC
should be used.



Use for voluntary exchange with consent
Note- some exceptions to the Noun/Verb rule.




Use generic mapping of CONV – Conversion for:
Mandatory Conversion                                           Optional Conversion
Note- exception to the Noun/Verb rule.




DECR can be used for a decrease in the par value where there is no cash payout.
Initial notification where entitlement is not known– use Narrative field for details.
Use generic mapping of DRIP –Div. Reinvestment for:
Dividend Reinvestment

U.S. Market Practice to notify upon initialization of the plan, and then automatically reinvest after the 1 st time. Use when
there is an option to participate in a reinvestment plan.




Note- exception to the Noun/Verb rule.
Use generic mapping of EXOF – Exchange for:             Exchange: MAND (mandatory)
Exchange (CHOS:: Use for Exchange Offers with dissenters rights.
Exchange: VOLU: Use for voluntary election and offers.
Note- some exceptions to the Noun/Verb rule.
CHOS: Use for full calls with conversion option
All Custodians responded that they use 1 notice




Use generic mapping of INTR – Interest Payment for :   Interest Payment
CD Interest
Use generic mapping of PRII – Interest Payment w/ Principle for:
FNMA Payment (US)                                          GNMA Payment (US)
Freddie MAC Gold Payment (US)                            Freddie Mac Payment (US)
Puerto Rican GNMA Interest Payment (Int‟l)                   UIT Payment (fract)
UIT Payment                                             CMO Payment
Use for final or partial liquidations.
Indicator depends upon the action.
MPUT = Retain current Bond

Note- exception to the Noun/Verb rule.



Use generic mapping of MRGR – Merger for:

Merger (MAND)                                           Merger w/ Elections (CHOS)
CHOS: Use for mergers with dissenter’s rights..

Note- some exceptions to the Noun/Verb rule.




CHOS: Use for name change with dissenter’s rights.
Note- exception to the Noun/Verb rule.




See Note #1 below regarding use of NOAC.
Note- some exceptions to the Noun/Verb rule.


US only
Note- exceptions to the Noun/Verb rule.
MAND: Use for partial calls.
CHOS: Use for partial with conversion option.




Note: There is a discrepancy between the mapping of a Partial Call and a Drawing in the US. PCAL is
recommended for US actions since the US market is more familiar with this terminology.
Note- exception to the Noun/Verb rule.


Indicator depends upon the action.
Note- exception to the Noun/Verb rule.

Use generic mapping of BPUT – Put Redemption for:



Mandatory Put (MAND)                                                  Mortgage Backed Put (CHOS)
Optional Puts (VOLU)                                                   Mandatory Purchase with Right to Retain (CHOS)
                                                                                         MAND: Use for full or partial
mandatory puts.
VOLU: Use for optional puts.                                 CHOS: Use for offers where there is a mandatory put (full or
with a right to retain or return).
Use generic mapping of REDM – Final Maturity for:
Certificate of Deposit Redemption                     Maturity Payment
Note: Although there is no SWIFT specific code word for Redemption of Rights, it is recommended that Full Call
be used, as it is the most accurate.



CHOS: Use for reverse splits with dissenter’s rights.
Note- exception to the Noun/Verb rule.




Use for rights distributions when processing rights issues as two events.




Use for renounceable and non-renounceable rights offers and rights exercise.
SLLE = used only when instructing the Bank to sell. Otherwise it is understood that the owner will sell.




MAND: Use for demergers, distributions, scheme of arrangements and spin-offs.



CHOS: Use for Stock Spin-Off w/ Elections.
Note- exception to the Noun/Verb rule.




Note- exception to the Noun/Verb rule.
Note- exception to the Noun/Verb rule.




Use Narrative for details.
Use for mandatory separation of units.
Note- exception to the Noun/Verb rule.


Use generic mapping of EXWA – Warrants Exercise for:
Warrants Expiration (VOLU)                                       Warrants Redemption (CHOS)
SLLE = used only when instructing the Bank to sell. Otherwise it is understood that the owner will sell.




MAND: Use for the issuance of bonus shares, rights (if a bonus rights exercise as 2 events) or warrants.




VOLU: Use for bonus rights exercises when processing as 2 events.




Use to notify of conversion privileges when the option is only available quarterly, semi-annually or annually. Notification
is not required if the privilege is available daily, weekly, or monthly.
Note- some exceptions to the Noun/Verb rule.




Note: In the US General Meetings are not announced through this venue, but rather through a unique proxy
process.
Use Narrative for details.




INCR – Use for nominal change in which there is an increase in value.
INCR – Use for nominal change in which there is an increase in value.
Use for call payments.
Note- exception to the Noun/Verb rule.


See Note #1 below regarding use of NOAC.
Note- some exceptions to the Noun/Verb rule.



To be used for Multi-currency options
SLLE = Dutch Coupons
DRIP = for French Cash/Stock’s
Note- exception to the Noun/Verb rule.




Use for subscription offers.

.
Use generic mapping of REDO – Redenomination for :
Bond Redenomination / Renominalization                             Equity Redenomination / Re-nominalization
EXER = subscribe to new shares
Note: Subscription Offer does not contain rights.




Suspension of security until company vote. For Info only - use Narrative for details.

For info only - use Narrative for details.
                                                                                                                                                  CAEV definitions   CAOP deviation
                 CA Option Corporate Action Event Option Code
CA Event         indicator (CAOP)
Indicator        (CAMV)                                                     AU Comments                                                           AU                 AU
                  MAND/         SECU                                        Not used in AU market
ATTI - Attachment VOLU
                 MAND           For Mandatory Actions:           Accept     Being a Mandatory action, the only option given is SECU
                                Shares (SECU)


BONU - Bonus
Issue
                 MAND /                                                     Based on definition of BPUT the MANS and CHOS cannot be
                 VOLU /         For Voluntary Actions:               Put    possible.
                 CHOS           (PUTT)                                      Not defined by AU CorpActions Market Practice Group- does not take
                                Take No Action (NOAC)                       place often enough in the AU market to warrant definition
BPUT - Put
Redemption
                 MAND           For Mandatory Actions                       The Bankruptcy notice is for information only - No Action required


                                OTHR




BRUP
                 MAND           SECU                                        Not used in AU market
                                                                            It is often the case that no CAOP is needed for this type of event
CHAN - Change
                 VOLU                                                       Agreed
                                Consent (CONY)                    Consent
                                Denied (CONN)
                                Abstain (ABST)
                                Take No Action (NOAC)
CONS - Consent
Offer
                 MAND:          For Mandatory Actions:                      For mandatory CONV, we would prefer to use EXOF or REDM

                 Use for      CASH
                 mandatory
                 conversions.

                                SECU                                        AU prefer the use of EXOP
                                CASE


                                For Voluntary Actions:
                 VOLU:
                 Use for                                                    As the event is already CONV, we would favour the approach of using
                 optional                                                   SECU (in order to streamline the number of codes)
                 conversions.

                                 SECU                    Take No Action     AU prefer the use of EXOP
CONV -                          (NOAC)
Conversion
CPST - Coupon    MAND           SECU                                        Not used in AU market
Stripping


                                                                                                    AU                                                                       Page 79 of 104
                                                                                                                                                     CAEV definitions   CAOP deviation
                   CA Option Corporate Action Event Option Code
CA Event           indicator (CAOP)
Indicator          (CAMV)                                                  AU Comments                                                               AU                 AU
                   MAND        CASH /                                      We do not find examples of such case with SECU
DECR - Decrease                                                            AU Market only defined the use of CASH
In Value                                                                                                                                             Capital Return
DETI -             MAND /      SECU                                        Not used in AU market
Detachment         VOLU
                   MAND                                                    Same as BRUP: we favour this event to announce the default. The real
DFLT - Bond                                                                event following would be a CHAN or LIQU.
Default                                                                    Not defined in AU market

DLST - Trading
                   MAND        SECU                                        AU Market determined OTHR as most appropriate                                                Add OTHR for AU
                               OTHR
Status De-listed
DRAW - Drawing     MAND        SECU                                        Not used in AU market
                   CHOS        SECU                                        As the event is already DRIP, we would favour the approach of using                         Add OTHR for AU to
                               Accept Cash (CASH)                          SECU (in order to streamline the number of codes)                                           represent the Bonus
                               DRIP                                        AU market has 2 Reinvestment options - preferred CAEV to use is
                                                                                                                                                                       Share Plan - have
                               OTHR                                        DVOP:
                                                                           - Dividend reinvestment Plan - fractions and partial reinvestment         Dividend          previously requested
                                                                                                                                                     Reinvestment Plan BSPN as code given
                                                                                                                                                                       differing tax
                                                                                                                                                     Bonus Share Plan implications.
                                                                                                                                                                       Please also continue
DRIP - Dividend
                                                                                                                                                                       to use DRIP as a valid
Reinvestment                                                                                                                                                           code
                   VOLU        Tender @ Specified Price (PUTT )            Not used in AU market
                               Take No Action (NOAC)
DTCH - Dutch
                               Tender @ Unspecified Price (CASH )
Auction, Bid
Tender
                   MAND        For Mandatory Actions:                      AU Market defined DVCA as dividend with no options (singular
                   Use for     Accept Cash (CASH)                          currency only) - only MAND accepted
                   dividends
                   with no
                   option.


                   CHOS:       For Mandatory w/ Options Actions:
                   Use for     Accept Cash (CASH)
                   dividend
                   currency
                   options
DVCA - Cash                    (if CHOS then each ccy listed as separate
Dividend                       CASH Option)
                   CHOS        CASH                                        Whenever rights are distributed in a DVOP we need additional codes. The                     Add OTHR for AU to
                               DRIP                                        NOAC means the customer does not want his rights to laps as he wants to                     represent the Bonus
                               OTHR                                        deliver them out.
                                                                                                                                                                       Share Plan - have
                                                                           AU market has defined this event as dividend with any options - more      Dividend          previously requested
                                                                           than one currency avai                                                    Reinvestment Plan BSPN as code given
                                                                                                                                                                       differing tax
                                                                                                                                                     Bonus Share Plan implications.
                               SECU                                                                                                                                    Please also continue
                                                                                                                                                                       to use DRIP as a valid
                                                                                                                                                                       code
                                                                                                   AU                                                                             Page 80 of 104
                                                                       AU market has defined this event as dividend with any options - more
                                                                       than one currency avai


                                                                                                                                              CAEV definitions   CAOP deviation
                  CA Option Corporate Action Event Option Code
CA Event          indicator (CAOP)
Indicator         (CAMV)                                               AU Comments                                                            AU                 AU
                            SELL
                            BUYA
                            LAPS
DVOP - Optional
Dividend                    NOAC
                  MAND      CASH                                       Not used in AU market
DVSC - Scrip
Dividend                    SECU
DVSE - Stock      MAND      SECU                                       Not used in AU market
Dividend
                  VOLU      For Voluntary                              Is there a real difference between CONY and CEXC? Would CONY apply
                            NOAC                                       only for the company that makes the offer?
                            CASH
                                                                       AU market prefers the use of EXWA
                            CASE
                            SECU
                            CEXC
                            CONY
EXOF - Exchange             CONN
                  MAND /    For Mandatory Actions:            Accept   Would BEAR and REGD not be used more in the context of a EXOP?
                  VOLU /    Shares (SECU)
                  CHOS      Accept Cash & Securities (CASE)
                            CASH                                       AU market prefers the use of EXWA
                            For Voluntary
                            BEAR ???
                            REGD ???
                            144A
                            NOAC
                            CASH
                            CASE
                            SECU
                            Mandatory w/ Options Actions:
                            Accept Cash & Securities (CASE)
                            Accept Shares (SECU)
                            CASH
EXOF - Exchange             CONN
                  VOLU      Take No Action (NOAC)                      AU market not defined EXOP - prefer EXWA
                            BEAR
                            REGD
                            REGS
                            SECU
                            CASH
EXOP - Exchange
Option                      CASE
                  VOLU      Subscribe (EXER)             Subscribe w/ Not used in AU market
                            Oversubscription (OVER)
                            Sell Privilege (SLLE)
                            Take No Action (NOAC)              Lapse
EXRI - Call on              (LAPS)
Rights                      BUYA

                                                                                               AU                                                                        Page 81 of 104
                                                                                                                                                         CAEV definitions    CAOP deviation
                     CA Option Corporate Action Event Option Code
CA Event             indicator (CAOP)
Indicator            (CAMV)                                                   AU Comments                                                                AU                  AU
                     MAND /      For Mandatory Actions                        In many cases, the event will be mandatory and have no options (only the
                     CHOS                                                     maturity date is only changing).
                                 Nothing or                                   In other there would be a debit and credit of securities or the customer
                                                                              would be able to retain his securities.
                                 SECU                                         Not used in AU market
                                 For Mandatory w/ Options Actions
                                 SECU
                                 MPUT
EXTM - Maturity
Extension
                     MAND/VOLU For Mandatory Actions                       BUYA is needed for France
                     / CHOS    To announce the expiry after the expiration
                               date.                                                                                                                     Option Expiry
                                                                                                                                                         Warrant Expity
                                 For Voluntary Actions:                       AU Market - early exercise of options and warrants would be defined
                                 Exercise (EXER)                       Take   as VOLU actions                                                            Early Exercise of
                                 No Action (NOAC)                                                                                                        Options
                                 Sell (SLLE)
                                 BUYA
                                 LAPS


                                 For Mandatory w/ Options Actions:
                                 Exercise (EXER)                       Take   AU sees no need for SLLE option as this is an on market instrument                             SLLE is done on
                                 No Action (NOAC)                                                                                                                            market - not handled
                                                                                                                                                                             via corporate actions
                                                                                                                                                                             departments in AU
                                                                                                                                                                             market
                                 Sell (SLLE)

EXWA - Warrant                   LAPS                                         NOAC would be often the default. There would however be a                                      Add LAPS for CHOS
                                                                              CASHMOVE. Does it fit within NOAC?                                                             actions
Exercise
                     MAND        SECU                                         Not used in AU market
INCR - Increase in
Value
                     MAND/       For Mandatory Actions:                       AU - Only MAND option. Singular currency available
                     CHOS        CASH
                                 For Mandatory w/ Options Actions:
                                 Accept Cash (CASH)
INTR - Interest                  (if CHOS then each ccy listed as separate
Payment                          CASH Option)
                     MAND        CASH                                         If final there would be a SECMOVE. Doesn't it hurt with CASH?
                                 OTHR                                         AU market sees this as an announcement, however cannot be
                                                                              defined as CASH or SECU as it could have varying conditions - OTHR
LIQU - Liquidation                                                            fits best                                                                                      Add OTHR
                     MAND /      For Mandatory Actions:           Accept
                     CHOS        Cash (CASH )

                                 For Mandatory w/ Options Actions:
                                 CASH
MCAL - Full Call                 CONV
MCAL - Full Call     MAND        CASH                                         AU - Only MAND option. And CASH is correct                                 Early Redemption
                                                                                                      AU                                                                              Page 82 of 104
                                                                                                                                             CAEV definitions    CAOP deviation
                 CA Option Corporate Action Event Option Code
CA Event         indicator (CAOP)
Indicator        (CAMV)                                               AU Comments                                                            AU                  AU
                 VOLU                                                NO COMMENT AS NEW MESSAGES WILL BE DEVELOPED                            Proxy voting
                           CONN                                                                                                              Notice of Meeting
                           CONY                                      Awaiting new messages and further definition before providing
                                                                     Market Practice on proxy voting
                           ABST
                           NOAC
                           PROX
                           SPLI
MEET - General
Meeting                    REGD
                 MAND /    For Mandatory Actions:                     AU - Mergers considered a mandatory event with definitive
                 CHOS      Cash (CASH)                      Shares parameters - no options
                           (SECU)                   Cash & Securities
                           (CASE)
                           For Mandatory w/ Options Actions:
                           CASH
                           SECU
                           CASE
                           CONN
                           NOAC
MRGR - Merger              CEXC
                 MAND /                                              In many instances there would be no option needed in this case on the
                 CHOS                                                international markets.
                           For Mandatory Actions:                    The CHOS looks US specific.
                           SECU                                      In the US the name change is often announced as a mandatory exchange.

                           For Mandatory w/ Options Actions:          AU - No options offered - name changes are definitive -
                                                                      any choice would be published as a Consent (very
                                                                      rare)
NAME - Name
                           SECU                                                                                                                                  CONN not needed
Change                     CONN
                 VOLU      CASH                                       AU Market determined Corporate Actions departments
ODLS - Odd Lot                                                        handle sales and offers to sell of odd lot holdings                                        CASH
Sale                                                                                                                                         Odd Lot Sale        NOAC
                           Take No Action (NOAC)


                 VOLU      CASH                                      AU market sees the need to have both odd lot sales and purchases.                           SECU
                           SECU                                      The Odd lot purchase is a situation where the issuing company gives     Odd Lot Purchase    NOAC
                           Take No Action (NOAC)                     the odd lot holders an opportunity to purchase securities to round up
ODLT - Odd Lot                                                       to a marketable parcel
Offer                      BUYA
                 VOLU      CASH                                      NO COMMENT
                           Take No Action (NOAC)                     Not used in AU market with BUYA and CONN
                           BUYA
ODLT - Odd Lot
Offer                      CONN (Consent Denied)
                 MAND /    OTHR                                      AU market uses this to cover the Share Purchase Plan - similar to a                         SECU
                 VOLU /                                              Bonus with different tax implications and fractional proceeds           Share Purchase      OTHR
                 CHOS                                                treatment.
                                                                                                                                             Plan                NOAC
                           CASH

OTHR - Other                                                                                 AU                                                                          Page 83 of 104
Event
                    MAND /                                         AU market uses this to cover the Share Purchase Plan - similar to a           CAEV definitions   CAOP deviation
                    VOLU /
                    CA Option Corporate Action Event Option Code   Bonus with different tax implications and fractional proceeds
CA Event            CHOS
                    indicator                                      treatment.
                              (CAOP)
Indicator           (CAMV)                                         AU Comments                                                                   AU                 AU
                              SECU
OTHR - Other
Event                         CASE
                    MAND      SECU                                 AU agrees with this event
PARI - Pari-passu                                                                                                                                Assimilation
                    MAND /    For Mandatory Actions:               Would the CHOS not be part of a deviation matrix?
                    CHOS      CASH

                              For Mandatory w/ Options Actions:    The note mentioned hereafter is not acceptable. We have noticed that
                              ???Convert (CONV)                    depositories announce DRAWing as PCAL in the US…and have to add in
                                                                   the narrative a sentence to say it is a lottery!!!
PCAL - Partial Call           ???CASH                              Not used in AU market
PINK - Payment in MAND        SECU                                 No comment
Kind                                                               Not used in AU market
                    MAND /    SECU                                 No comment
PLAC - Place of
                    CHOS      CONN                                 Not used in AU market
Incorporation
                    VOLU      Take No Action (NOAC)                NO COMMENT                                                                    Call Payment       CONV
                    MAND      CONV                                 AU market uses this code for Call Payments - they are a Mandatory                                OTHR
                                                                   event for interim call payments and only offer one option - CONV or
                              OTHR
                                                                   OTHR depending on the liability status of the underlying
                              LAPS
                                                                   company(limited or none) - in the case of final call
PPMT - Installment
Call                                                                                                                                                                LAPS
PRII - Interest    MAND       CASH                                 AU agrees with this event
Payment w/
Principle
                    VOLU      Subscribe (EXER)                     AU sees that priority issues use the SECU option - as they are a take
                              Take No Action (NOAC)                up of securities
PRIO - Priority               SECU                                                                                                                                  SECU
Issue                         OVER
                    VOLU
                              Take No Action (NOAC)
                              OVER
PRIO - Priority
Issue                         EXER
                    MAND/     CASH                                 Redemption in shares are possible
REDM - Final
                    CHOS      SECU                                 AU Market agrees
Maturity
REDO -              MAND      SECU                                 Not used in AU market
Redenomination
                    MAND                                           Very complex event difficult to automate.
                                                                   We would need to represent a range in which the customer would be able
                                                                   to choose.
                                                                   And if the agreed margin has been chosen by the agent and if the decided
                                                                   rate is below the rate proposed by the customer, the customer has the right
                                                                   to put the securities.
REMK -                                                             We do not see SECU in those instances.
Remarketing                                                        To be discussed.
Agreement                                                          Not used in the AU market
RHDI - Rights       MAND      SECU                                 Not used in AU market
Distribution



                                                                                           AU                                                                               Page 84 of 104
                                                                                                                                              CAEV definitions   CAOP deviation
                     CA Option Corporate Action Event Option Code
CA Event             indicator (CAOP)
Indicator            (CAMV)                                               AU Comments                                                         AU                 AU
                     VOLU      LAPS                                       AU has adopted a single message approach to Rights issues - using
                                                                                                                                                                 LAPS
                               EXER                                       the RHTS message. Note the SLLE option is only published on
                               OVER                                       renounceable rights issues. The OVER option is used only when                          EXER
RHTS - Rights                  SLLE (sell only for renouncable issues)    advised by the issuer to do so                                                         OVER
Issue                                                                                                                                         RHTS               SLLE
SCOP -               MAND                                                 Not used in AU market
Suspension of
Corp. Action
Privilege
SMAL - Smallest      MAND      SECU                                       Not used in AU market
Negotiable Unit
                     MAND /    For Mandatory Actions:           Accept    With potential repetition of SECU.
                     CHOS      Shares (SECU)                              Not used in the AU market often enough to be defined
                               For Mandatory w/ Options Actions: Accept
SOFF - Spin-Off                Shares (SECU)
                     MAND      SECU                                       AU Market Agrees
SPLF - Stock Split
                     MAND /    For Mandatory Actions                      MAND represent the huge majority.
                     CHOS      SECU                                       CHOS in deviation matrix?
                               For Mandatory w/ Options Actions           AU market only uses SPLR in MAND events, and SECU

                               SECU
SPLR - Reverse
Stock Split                    CONN
                     MAND      OTHR                                       AU market has approved use of CAOP OTHR for this event
SUSP - Trading
Status: Suspended                                                                                                                                                OTHR
ACTV - Trading       MAND      OTHR                                       AU market has approved use of CAOP OTHR for this event
Status:                                                                                                                                       Reinstatement of
Reinstated                                                                                                                                    Securities         OTHR
                     VOLU      Tender (CASH)                       Take   AU sees no use for CTEN, CONN, and CONY                                                CASH
                               No Action (NOAC)                                                                                                                  NOAC
                                                                                                                                                                 SECU
                                                                                                                                                                 CASE
                               CTEN
                               CONN
                               CONY
                               SECU
TEND - Tender                  CASE
                     MAND      CASH                                       Not defined for AU market
TREC - Tax
Reclaim




                                                                                                  AU                                                                     Page 85 of 104
                                                                                                                                                        CAEV definitions              CAOP deviation
                   CA Option Corporate Action Event Option Code
CA Event           indicator (CAOP)
Indicator          (CAMV)                                                     LUXEMBOURG COMMENTS                                                       CH                            CH
                  MAND/           SECU                                        There can be cases where it is not obliged
ATTI - Attachment VOLU
                   VOLU                                                                                                                                                               CASH, SECU, CASE, BUYA, SLLE,
                                                                                                                                                                                      NOAC, OTHR
BIDS
                   MAND           For Mandatory Actions:           Accept     The VOLU that is expressed here is in fact a EXRI and shoul be used as
                                  Shares (SECU)                               such.


BONU - Bonus
Issue                             BUYA
                   MAND /                                                     Based on definition of BPUT the MANS and CHOS cannot be
                   VOLU /         For Voluntary Actions:               Put    possible.
                   CHOS           (PUTT)
BPUT - Put
Redemption                        Take No Action (NOAC)
                   MAND           For Mandatory Actions                       We consider that the purpose of the bankruptcy event is to announce the
                   /CHOS          ABST                                        bankruptcy and that another (more specific) event needs to be created
                                                                              based on the results of the bankruptcy to cater for security or cash
                                  OTHE
                                                                              movements: for example LIQU, MRGR,…
                                  For Mandatory w/ Options Actions
                                  CONN
                                  CONY
BRUP                              ABST
                   MAND           Cash

CAPG - Capital
Gains Tax
                   MAND           SECU                                                                                                                  CHANGE OF SECURITY NATIONAL
                                                                                                                                                        NUMBER (SSN)                  OTHR
                                                                              It is often the case that no CAOP is needed for this type of event
CHAN - Change
                   VOLU
                                  Consent (CONY)                    Consent
                                  Denied (CONN)
                                  Abstain (ABST)
                                  Take No Action (NOAC)
CONS - Consent
Offer
                   MAND:          For Mandatory Actions:                      For mandatory CONV, we would prefer to use EXOF or REDM

                   Use for      CASH
                   mandatory
                   conversions.

                                  SECU
                                  CASE


                                  For Voluntary Actions:
                   VOLU:
                   Use for                                                    As the event is already CONV, we would favour the approach of
                   optional                                                   using SECU (in order to streamline the number of codes)
                   conversions.

                                   SECU                    Take No Action
CONV -                            (NOAC)                                                                                                                                              Cash
Conversion
CPST - Coupon      MAND           SECU
Stripping
                   MAND           CASH /                                      We do not find examples of such case with SECU
DECR - Decrease
In Value
DETI -             MAND /         SECU
Detachment         VOLU
DFLT - Bond        MAND                                                       Same as BRUP: we favour this event to announce the default. The real
Default                                                                       event following would be a CHAN or LIQU.
                   MAND           SECU
DLST - Trading
Status De-listed
DRAW - Drawing     MAND           SECU                                                                                                                                                PUTT
                   CHOS           SECU             Accept Cash (CASH)         As the event is already DRIP, we would favour the approach of using
                                                                              SECU (in order to streamline the number of codes)

DRIP - Dividend
Reinvestment



                                                                                                                                                                           CH                                         Page 86 of 105
                  CHOS                                                      As the event is already DRIP, we would favour the approach of using
                                                                            SECU (in order to streamline the number of codes)

DRIP - Dividend
Reinvestment
                  VOLU        Tender @ Specified Price (PUTT )
                              Take No Action (NOAC)
DTCH - Dutch
                              Tender @ Unspecified Price (CASH )
Auction, Bid
Tender
                  MAND        For Mandatory Actions:
                  Use for     Accept Cash (CASH)
                  dividends
                  with no
                  option.


                  CHOS:       For Mandatory w/ Options Actions:
                  Use for     Accept Cash (CASH)
                  dividend
                  currency
                  options
DVCA - Cash                   (if CHOS then each ccy listed as separate
Dividend                      CASH Option)
                  CHOS        CASH                                          Whenever rights are distributed in a DVOP we need additional codes. The
                              SECU                                          NOAC means the customer does not want his rights to laps as he wants to
                                                                            deliver them out.
                              SELL
                              BUYA
                              LAPS
DVOP - Optional
Dividend                      NOAC
                  MAND        CASH
DVSC - Scrip
Dividend                      SECU
DVSE - Stock      MAND        SECU
Dividend
                  VOLU        For Voluntary                                 Is there a real difference between CONY and CEXC? Would CONY apply              BUYA, SLLE, OTHR
                              NOAC                                          only for the company that makes the offer?
                              CASH
                              CASE
                              SECU
                              CEXC
                              CONY
EXOF - Exchange               CONN
                  MAND /      For Mandatory Actions:             Accept     Would BEAR and REGD not be used more in the context of a EXOP?
                  VOLU /      Shares (SECU)
                  CHOS        Accept Cash & Securities (CASE)
                              CASH
                              For Voluntary
                              BEAR ???
                              REGD ???
                              144A
                              NOAC
                              CASH
                              CASE
                              SECU
                              Mandatory w/ Options Actions:
                              Accept Cash & Securities (CASE)
                              Accept Shares (SECU)
                              CASH
EXOF - Exchange               CONN
                  VOLU        Take No Action (NOAC)
                              BEAR
                              REGD
                              REGS
                              SECU
                              CASH
EXOP - Exchange
Option                        CASE
                  VOLU        Subscribe (EXER)               Subscribe w/
                              Oversubscription (OVER)
                              Sell Privilege (SLLE)
                              Take No Action (NOAC)                Lapse
EXRI - Call on                (LAPS)
Rights                        BUYA
                  MAND /      For Mandatory Actions                         In many cases, the event will be mandatory and have no options (only the
                  CHOS                                                      maturity date is only changing).




                                                                                                                                                       CH                      Page 87 of 105
                     MAND /
                     CHOS
                                Nothing or                                    In other there would be a debit and credit of securities or the customer   CHANGE OF DURATION WITH
                                                                              would be able to retain his securities.                                    STAMPING
                                                                                                                                                                                        OTHR
                                SECU                                                                                                                     CHANGE OF DURATION WITH
                                                                                                                                                         EXCHANGE                       CASE
                                For Mandatory w/ Options Actions
                                SECU
EXTM - Maturity                 MPUT
Extension
                     MAND/VOL   For Mandatory Actions                         BUYA is needed for France
                     U / CHOS   To announce the expiry after the
                                expiration date.

                                For Voluntary Actions:
                                Exercise (EXER)                       Take
                                No Action (NOAC)                                                                                                                                        CASH, SECU
                                Sell (SLLE)
                                BUYA
                                LAPS


                                For Mandatory w/ Options Actions:
                                Exercise (EXER)                       Take
                                No Action (NOAC)
                                Sell (SLLE)
EXWA - Warrant                                                                NOAC would be often the default. There would however be a
Exercise                                                                      CASHMOVE. Does it fit within NOAC?
                     MAND       SECU                                          NO COMMENT
INCR - Increase in
Value
                     MAND/      For Mandatory Actions:
                     CHOS       CASH
                                For Mandatory w/ Options Actions:
                                Accept Cash (CASH)
INTR - Interest                 (if CHOS then each ccy listed as separate
Payment                         CASH Option)
                     MAND       CASH                                          If final there would be a SECMOVE. Doesn't it hurt with CASH?
LIQU - Liquidation                                                                                                                                                                      PUTT
                     MAND /     For Mandatory Actions:           Accept
                     CHOS       Cash (CASH )                                                                                                                                            PUTT

                                For Mandatory w/ Options Actions:
                                CASH
MCAL - Full Call                CONV
MCAL - Full Call     MAND       CASH
                     VOLU                                                     NO COMMENT AS NEW MESSAGES WILL BE DEVELOPED
                                CONN
                                CONY
                                ABST
                                NOAC
                                PROX
                                SPLI
MEET - General
Meeting                         REGD
                     MAND /     For Mandatory Actions:                                                                                                                                  PUTT
                     CHOS       Cash (CASH)                       Shares
                                (SECU)                    Cash & Securities
                                (CASE)
                                For Mandatory w/ Options Actions:
                                CASH
                                SECU
                                CASE
                                CONN
                                NOAC
MRGR - Merger                   CEXC
                     MAND /                                                   In many instances there would be no option needed in this case on the
                     CHOS                                                     international markets.
                                For Mandatory Actions:                        The CHOS looks US specific.
                                                                                                                                                         CHANGE OF NAME WITH STAMPING
                                                                                                                                                                                        OTHR
                                SECU                                          In the US the name change is often announced as a mandatory exchange.
                                                                                                                                                         CHANGE OF NAME WITH EXHANGE    SECU, CASE
                                For Mandatory w/ Options Actions:

NAME - Name
Change

                                                                                                                                                                      CH                             Page 88 of 105
                     CHOS




                              SECU
NAME - Name
Change                        CONN
                     VOLU     CASH
                              Take No Action (NOAC)
ODLT - Odd Lot
Offer                         BUYA
                     VOLU     CASH                                       NO COMMENT
                              Take No Action (NOAC)
                              BUYA
ODLT - Odd Lot
Offer                         CONN (Consent Denied)
                     MAND /   OTHE
                     VOLU /   CASH
                     CHOS
                              SECU
OTHE - Other
Event                         CASE
                     MAND     SECU
PARI - Pari-passu
                     MAND /   For Mandatory Actions:                     Would the CHOS not be part of a deviation matrix?
                     CHOS     CASH

                              For Mandatory w/ Options Actions:          The note mentioned hereafter is not acceptable. We have noticed that
                              ???Convert (CONV)                          depositories announce DRAWing as PCAL in the US…and have to add in
                                                                         the narrative a sentence to say it is a lottery!!!
PCAL - Partial Call           ???CASH
PINK - Payment in MAND        SECU                                       No comment
Kind
                     MAND /   SECU                                       No comment
PLAC - Place of
                     CHOS     CONN
Incorporation
                     VOLU     Take No Action (NOAC)                      NO COMMENT

PPMT - Installment
Call                          OTHE
PRII - Interest    MAND       CASH
Payment w/
Principle
                     VOLU                                                                                                                                CASH, SECU, CASE, BUYA, SLLE,
                                                                                                                                                         OTHR
                              Take No Action (NOAC)
                              OVER
PRIO - Priority
Issue                         EXER
                     MAND/    CASH                                       Redemption in shares are possible                                               PUTT
REDM - Final
Maturity             CHOS     SECU
REDO -               MAND     SECU
Redenomination
                     MAND                                                Very complex event difficult to automate.
                                                                         We would need to represent a range in which the customer would be able
                                                                         to choose.
                                                                         And if the agreed margin has been chosen by the agent and if the decided
                                                                         rate is below the rate proposed by the customer, the customer has the
                                                                         right to put the securities.
REMK -
                                                                         We do not see SECU in those instances.
Remarketing
Agreement                                                                To be discussed.
RHDI - Rights        MAND     SECU                                                                                                                       CASH, SECU, CASE, BUYA, SLLE,
Distribution                                                                                                                                             OTHR
RHTS - Rights        VOLU
Issue
SCOP -               MAND
Suspension of
Corp. Action
Privilege
SMAL - Smallest      MAND     SECU
Negotiable Unit
                     MAND /   For Mandatory Actions:           Accept    With potential repetition of SECU.
                     CHOS     Shares (SECU)
                              For Mandatory w/ Options Actions: Accept
SOFF - Spin-Off               Shares (SECU)
                     MAND     SECU
SPLF - Stock Split
                     MAND /   For Mandatory Actions                      MAND represent the huge majority.
                     CHOS     SECU                                       CHOS in deviation matrix?
                              For Mandatory w/ Options Actions
                              SECU
SPLR - Reverse
Stock Split                   CONN




                                                                                                                                                    CH                                   Page 89 of 105
                    MAND
SUSP - Trading
Status: Suspended
                    VOLU   Tender (CASH)      Take
                           No Action (NOAC)                                       BUYA, SLLE
                           CTEN
                           CONN
                           CONY
                           SECU
TEND - Tender              CASE
                    MAND   CASH
TREC - Tax
Reclaim
                    MAND   SECU                      SEPARATION OF POSITIONS BY
                                                     DRAWING LOTS (SECOND
                                                     ALLOTMENT)

SCOM/SEAL




                                                                   CH                          Page 90 of 105
                                                  SWIFT
                                                   Code  Type of
                                                   Word   event
                                   Action Type   CAEV[1] CAMV                      Options
Activation of trading                            ACTV     MAND     None
                                                                   NOAC[2] - Take no action.
                                                                   LAPSE – Let the offer lapse
                                                                   PUTT – accept offer at the published
Repurchase Offer                                 BIDS     VOLU     conditions
                                                                   EXER – take bonus securities
                                                                   BUYA – buy additional rights to round
                                                                   entitlement
                                                                   SELL – sell part or all of the rights

                                                                   NOAC – to be used when rights orders
Bonus Issue                                      BONU     CHOS     are passed to a different counterpart

                                                                   NOAC – Take no action
                                                                   LAPSE - let the offer lapse
                                                                   PUTT – redeem securities



Put redemption                                   BPUT     VOLU



                                                                   CASE
                                                                   CASH
                                                                   SECU
Bankruptcy                                       BRUP     MAND     …

Change                                           CHAN     MAND     SECU

                                                                   NOAC – Take no action
                                                                   LAPSE - let the offer lapse
                                                                   CONV – Convert securities at the
                                                                   published conditions



Conversion                                       CONV     VOLU


Floating rate notes interest adjustment          CPNR     MAND     CASH
Coupon Stripping                                 CPST     MAND     SECU




                                                                   SECU
Decrease in value                                DECR     MAND     CASE




Drawing                                          DRAW     MAND     PUTT – redeem securities
Drawing                                                                    DRAW   MAND   PUTT – redeem securities
Dividend Reinvestment                                                      DRIP   VOLU   SECU – Take shares
Cash Dividend                                                              DVCA   MAND   CASH – take cash




                                                                                         NOAC – Take no action
                                                                                         LAPSE - let the offer lapse
                                                                                         SECU
                                                                                         (CASH)
Exchange Offer                                                             EXOF   VOLU   …




                                                                                         SECU
Increase in value                                                          INCR   MAND   CASE
Interest/Coupon Payment                                                    INTR   MAND   CASH – take cash




Redemption Call in Total                                                   MCAL   MAND   PUTT – redeem securities
                                                                                         NOAC - Take No Action
                                                                                         CONY – Vote for
                                                                                         CONN – Vote against
                                                                                         ABST –Abstain

                                                                                         AMGT – Vote against Management.
Meeting                                                                    MEET   VOLU   MNGT – Vote with Management


                                                                                         SECU – Take stock according to
                                                                                         published conditions CASH - Take cash
                                                                                         according to published conditions CASE
                                                                                         – Take cash & securities according to
Merger                                                                     MRGR   MAND   published conditions
Change of company name                                                     NAME   MAND   SECU
                                                                                         NOAC - Take No Action
                                                                                         CONY – Vote for
                                                                                         CONN – Vote against
                                                                                         ABST –Abstain

                                                                                         AMGT – Vote against Management.
Meeting (Ordinary General Meeting)                                         OMET   VOLU   MNGT – Vote with Management




Other type of event not fitting with any of the standardised event types   OTHR   MAND   CASH / CASE / SECU
Other type of event not fitting with any of the standardised event types   OTHR   MAND   CASH / CASE / SECU

Pari-passu                                                                 PARI   MAND   SECU




Redemption Call in Partial                                                 PCAL   MAND   PUTT – redeem securities




Final Redemption                                                           REDM   MAND   PUTT – redeem securities

Distribution of rights                                                     RHDI   MAND   SECU
                                                                                         NOAC – Take no action
                                                                                         LAPSE - let the offer lapse

                                                                                         EXER – subscribe to resulting securities
                                                                                         under the published conditions.
                                                                                         BUYA – buy additional rights to round
                                                                                         entitlement
Rights Issue                                                               RHTS   CHOS   SELL – sell part or all of the rights

Shares Premium                                                             SHPR   MAND   CASH – Take cash
Stock Split                                                                SPLF   MAND   SECU
Reverse Stock Split                                                        SPLR   MAND   SECU
Suspension of trading                                                      SUSP   MAND   None
                                                                                         NOAC - Take No Action
                                                                                         CASH – Accept offer at the published
Tender Offer (Public Offer for Acquisition – O.P.A)                        TEND   VOLU   conditions



Tax related event                                                          TREC   MAND   CASH
                                                                                         NOAC - Take No Action
                                                                                         CONY – Vote for
                                                                                         CONN – Vote against
                                                                                         ABST –Abstain

                                                                                         AMGT – Vote against Management.
Meeting (Extraordinary General Meeting)                                    XMET   VOLU   MNGT – Vote with Management



[1] Only those events used in the Spanish markets
[2] Option in black represents default option
                      Comments




Applicable to redemption under the following
conditions:
           Optional
           Total or partial
           Early (anticipated)
           Established in the original terms and
     conditions of the issuance




Options and default option will depend on official
announcement.
Only if applicable, depending on the terms
announced by the issuer.
Applicable to voluntary bond conversion option
under the following conditions:
           Optional

           Partial
           Early (anticipated)
           Established in the original terms and
     conditions of the issuance
First message in a floating rate note after current
payment to advise next payment rate. Event
combined with INTR.




Options and default option will depend on event
published conditions.
Applicable to redemption under the following
conditions:
           Mandatory
           Partial
           Early (anticipated)
          NOT established in the original terms
     and conditions of the issuance




OPTIONS: Usually only SECU (with a credit or
debit for rounding, depending on the formula
applied), but other options may be possible
depending on the announcement.




Options and default option will depend on event
published conditions.

Applicable to redemption under the following
conditions:
          Mandatory
          Total
          Early (anticipated)
          NOT established in the original terms
     and conditions of the issuance




Used for meetings announced by the company both
as ordinary and extraordinary.




Options and default option will depend on event
published conditions. Usually SECU.




USED FOR:
           From physical stock to book-entry and
      vice-versa.
        AGM attendance premium
Related to the assimilation of resulting securities in a
rights issue (RHTS)
Applicable to redemption under the following
conditions:
           Mandatory
           Partial
          Early (anticipated)
          NOT established in the original terms
     and conditions of the issuance
Applicable to redemption under the following
conditions:
           Mandatory
           Total
          Final
          Established in the original terms and
    conditions of the issuance
Always related to Rights (RHTS) or Bonus Issues
(BONU).




Compensation in cash taken from company
reserves account.




Every event related to tax issues (recovery/relief
according to double taxation agreements)
                                                                                                                                                 CAEV definitions                     CAOP deviation
                 CA Option Corporate Action Event Option Code
CA Event         indicator (CAOP)
Indicator        (CAMV)                                                     NORWAY COMMENTS                                                      FR                     GB            BE               GB
                  MAND/         SECU
ATTI - Attachment VOLU
                 MAND           For Mandatory Actions:           Accept
                                Shares (SECU)                                                                                                    Attribution Gratuite   Scrip Issue

BONU - Bonus
Issue                           BUYA
                 MAND /                                                     Based on definition of BPUT the MAND and CHOS cannot be
                 VOLU /         For Voluntary Actions:               Put    possible.
                 CHOS           (PUTT)
BPUT - Put
Redemption                      Take No Action (NOAC)
                 MAND           For Mandatory Actions
                 /CHOS          ABST
                                OTHE
                                For Mandatory w/ Options Actions
                                CONN
                                CONY
BRUP                            ABST
                 MAND           SECU
                                                                            It is often the case that no CAOP is needed for this type of event
CHAN - Change
                 VOLU
                                Consent (CONY)                    Consent
                                Denied (CONN)
                                Abstain (ABST)
                                Take No Action (NOAC)
CONS - Consent
Offer
                 MAND:          For Mandatory Actions:
                 Use for      CASH
                 mandatory
                 conversions.

                                SECU
                                CASE


                                For Voluntary Actions:
                 VOLU:
                 Use for                                                    As the event is already CONV, we would favour the approach of
                 optional                                                   using SECU (in order to streamline the number of codes)
                 conversions.

                                 SECU                    Take No Action
CONV -                          (NOAC)
Conversion




                                                                                                                     NO                                                                                     Page 97 of 105
CPST - Coupon      MAND        SECU
Stripping
                   MAND        CASH /
DECR - Decrease
In Value
DETI -             MAND /      SECU
Detachment         VOLU
DFLT - Bond        MAND
Default
                   MAND        SECU
DLST - Trading
Status De-listed
DRAW - Drawing     MAND        SECU
                   CHOS        SECU              Accept Cash (CASH)        As the event is already DRIP, we would favour the approach of using
                                                                           SECU (in order to streamline the number of codes)

DRIP - Dividend
Reinvestment
                   VOLU        Tender @ Specified Price (PUTT )
                               Take No Action (NOAC)
DTCH - Dutch
                               Tender @ Unspecified Price (CASH )
Auction, Bid
Tender
                   MAND        For Mandatory Actions:
                   Use for     Accept Cash (CASH)
                   dividends
                   with no
                   option.


                   CHOS:       For Mandatory w/ Options Actions:
                   Use for     Accept Cash (CASH)
                   dividend
                   currency
                   options
DVCA - Cash                    (if CHOS then each ccy listed as separate
Dividend                       CASH Option)
                   CHOS        CASH
                               SECU
                               SELL
                               BUYA
                               LAPS
DVOP - Optional
Dividend                       NOAC
                   MAND        CASH
DVSC - Scrip
Dividend                       SECU
DVSE - Stock       MAND        SECU
Dividend
                   VOLU        For Voluntary                               Is there a real difference between CONY and CEXC? Would CONY apply
                               NOAC                                        only for the company that makes the offer?
                               CASH
                               CASE
                               SECU
                               CEXC


EXOF - Exchange                                                                                                   NO                             Page 98 of 105
                                                                           only for the company that makes the offer?




                              CONY
EXOF - Exchange               CONN
                  MAND /      For Mandatory Actions:            Accept     Would BEAR and REGD not be used more in the context of a EXOP?
                  VOLU /      Shares (SECU)
                  CHOS        Accept Cash & Securities (CASE)
                              CASH
                              For Voluntary
                              BEAR ???
                              REGD ???
                              144A
                              NOAC
                              CASH
                              CASE
                              SECU
                              Mandatory w/ Options Actions:
                              Accept Cash & Securities (CASE)
                              Accept Shares (SECU)
                              CASH
EXOF - Exchange               CONN
                  VOLU        Take No Action (NOAC)
                              BEAR
                              REGD
                              REGS
                              SECU
                              CASH
EXOP - Exchange
Option                        CASE
                  VOLU        Subscribe (EXER)              Subscribe w/
                              Oversubscription (OVER)
                              Sell Privilege (SLLE)
                              Take No Action (NOAC)              Lapse
EXRI - Call on                (LAPS)
Rights                        BUYA
                  MAND /      For Mandatory Actions
                  CHOS        Nothing or
                              SECU
                              For Mandatory w/ Options Actions
                              SECU
                              MPUT
EXTM - Maturity
Extension
                  MAND/VOLU For Mandatory Actions
                  / CHOS    To announce the expiry after the expiration
                            date.

                              For Voluntary Actions:
                              Exercise (EXER)                     Take
                              No Action (NOAC)
                              Sell (SLLE)
                              BUYA



                                                                                                                        NO                  Page 99 of 105
                              LAPS


                              For Mandatory w/ Options Actions:
                              Exercise (EXER)                       Take
                              No Action (NOAC)
                              Sell (SLLE)
EXWA - Warrant
Exercise
                     MAND     SECU
INCR - Increase in
Value
                     MAND/    For Mandatory Actions:
                     CHOS     CASH
                              For Mandatory w/ Options Actions:
                              Accept Cash (CASH)
INTR - Interest               (if CHOS then each ccy listed as separate
Payment                       CASH Option)
                     MAND     CASH
LIQU - Liquidation
                     MAND /   For Mandatory Actions:           Accept
                     CHOS     Cash (CASH )

                              For Mandatory w/ Options Actions:
                              CASH
MCAL - Full Call              CONV
MCAL - Full Call     MAND     CASH
                     VOLU
                              CONN
                              CONY
                              ABST
                              NOAC
                              PROX
                              SPLI
MEET - General
Meeting                       REGD
                     MAND /   For Mandatory Actions:
                     CHOS     Cash (CASH)                        Shares
                              (SECU)                     Cash & Securities
                              (CASE)
                              For Mandatory w/ Options Actions:
                              CASH
                              SECU
                              CASE
                              CONN
                              NOAC
MRGR - Merger                 CEXC
                     MAND /
                     CHOS     For Mandatory Actions:
                              SECU
                              For Mandatory w/ Options Actions:

NAME - Name
Change
                                                                             NO   Page 100 of 105
                    MAND /
                    CHOS



                             SECU
NAME - Name
Change                       CONN
                    VOLU     CASH
                             Take No Action (NOAC)
ODLT - Odd Lot
Offer                        BUYA
                    VOLU     CASH
                             Take No Action (NOAC)
                             BUYA
ODLT - Odd Lot
Offer                        CONN (Consent Denied)
                    MAND /   OTHE
                    VOLU /   CASH
                    CHOS
                             SECU
OTHR - Other
Event                        CASE
                    MAND     SECU
PARI - Pari-passu
                    MAND /   For Mandatory Actions:              Would the CHOS not be part of a deviation matrix?
                    CHOS     CASH

                             For Mandatory w/ Options Actions:   The note mentioned hereafter is not acceptable. We have noticed that
                             ???Convert (CONV)                   depositories announce DRAWing as PCAL in the US…and have to add in
                                                                 the narrative a sentence to say it is a lottery!!!
PCAL - Partial Call          ???CASH
PINK - Payment in MAND       SECU                                No comment
Kind
                    MAND /   SECU                                No comment
PLAC - Place of
                    CHOS     CONN
Incorporation
                    VOLU     Take No Action (NOAC)

PPMT - Installment
Call                         OTHE
PRII - Interest    MAND      CASH
Payment w/
Principle
                    VOLU     Subscribe (EXER)
                             Take No Action (NOAC)
                             SECU
PRIO - Priority
Issue                        OVER
                    VOLU
                             Take No Action (NOAC)
                             OVER
PRIO - Priority
Issue                        EXER
                    MAND/    CASH
REDM - Final
Maturity            CHOS     SECU
REDO -              MAND     SECU
Redenomination
                    MAND                                         Very complex event difficult to automate.
                                                                 We would need to represent a range in which the customer would be able
                                                                 to choose.



REMK -
Remarketing                                                                                                  NO                           Page 101 of 105
Agreement
                     MAND



                                                                         And if the agreed margin has been chosen by the agent and if the decided
                                                                         rate is below the rate proposed by the customer, the customer has the right
                                                                         to put the securities.
REMK -
                                                                         We do not see SECU in those instances.
Remarketing
Agreement                                                                To be discussed.
RHDI - Rights        MAND     SECU
Distribution
RHTS                 VOLU     BUYA
                              EXER
                              NOAC
                              OVER
                              SLLE
SCOP -               MAND
Suspension of
Corp. Action
Privilege
SMAL - Smallest      MAND     SECU
Negotiable Unit
                     MAND /   For Mandatory Actions:           Accept    With potential repetition of SECU.
                     CHOS     Shares (SECU)
                              For Mandatory w/ Options Actions: Accept
SOFF - Spin-Off               Shares (SECU)
                     MAND     SECU
SPLF - Stock Split
                     MAND /   For Mandatory Actions
                     CHOS     SECU
                              For Mandatory w/ Options Actions
                              SECU
SPLR - Reverse
Stock Split                   CONN
                     MAND
SUSP - Trading
Status: Suspended
                     VOLU     Tender (CASH)                      Take
                              No Action (NOAC)
                              CTEN
                              CONN
                              CONY
                              SECU
TEND - Tender                 CASE
                     MAND     CASH
TREC - Tax
Reclaim




                                                                                                                    NO                                 Page 102 of 105
                                                   GLOBAL GRID                                                                     Netherlands GRID
CA Event Indicator    CAMV   CAOP Definition / comments                                                  CAMV   CAOP      Definition / comments
ACTV - Trading status             Pending SR2006 maintenance (deletion accepted) country
active                            voting to finalise.
                                  Not considered as a Corporate Actions (AU to confirm it is ok)

ATTI - Attachment                    UHB definitionm "Attachment - The combination of different                           Not used in NL
                                     security types to create a unit. Units are usually comprised of
                                     warrants and bond or warrants and equity. Securities may be
                                     combined at the request of the security holder or based on
                                     market conven
                      VOLU   SECU
BIDS Repurchase       VOLU   CASH    Noted that FR use the SLLE (sell entitlement) option for           VOLU    CASH
Offer                                particular events, to be documented as a country specific
                                     practice. In this case the eventual benefit is also cash. Some
                                     discussion on how to manage a repurchase offer which includes
                                     reverse right
                                     UHB definition "Repurchase Offer - Issuer bid; Reduction of
                                     circulating shares; Reverse Rights. Offer by Issuing Company to
                                     existing shareholders to repurchase the company‟s own shares
                                     or other securities convertible into shares. Repurchase offer
                                     may incl
BONU - Bonus Issue    MAND   SECU    UHB definition "Bonus Issue - Attribution Gratuite (FR); Scrip     MAND    SECU
                                     Issue (GB); Capitalisation Issue. Security holders are awarded
                                     additional assets free of payment from the issuer in proportion to
                                     their holding. A bonus issue is typically represented by share

                      VOLU   SLLE    BONU queried how this can be VOLU - those countries
                             SECU    indicating this possibility are asked to review again. Event
                             LAPS    considered to be mandatory with a SECU option. Similar issue
                                     of how to manage the event when bonus rights are involved.




BPUT - Put            VOLU   CASH Agreed as VOLU with options of NOAC and CASH (note that                VOLU   CASH
Redemption                   NOAC PUTT proposed for deletion in SR2006)                                         NOAC

telco 20050401                       UHB definition "Put Redemption - Early redemption of a bond at
                                     the election of the bondholder subject to the terms
                                     and condition of the issue."


BRUP                  MAND           Agreed as a mandatory 'For Your Information' (FYI) with no          MAND   no
                                     options and no outturn.                                                    options
telco 20050401
                                     UHB definition "Bankruptcy - Legal status of a company unable
                                     to pay creditors. Bankruptcy usually involves a formal court
                                     ruling. Securities may become valueless."




CAPG - Capital Gains MAND    CASH    Agree as Mandatory and Cash                                         MAND   CASH
Distribution
                                     UHB definition "Capital Gains Distribution - Distribution of profits
telco 20050401                       resulting from the sale of securities. Shareholders of Mutual
                                     Funds, Unit Trusts, or Sicavs are recipients of capital gains
                                     distributions which are often rei
CHAN - Change         MAND           Agreed as mandatory. Sometimes no options at all. Othertimes, MAND         SECU
                                     for example an identifier change, will require a SECU option.
telco 20050401
                                     Definition will require revisit following SR2006 decision to make
                                     CHAN generic.

                                     Current UHB definition "Change Information rega

CLSA - Class Action   VOLU   ABST This event is the notification of the class action.                                     Not used in NL
                             CONY
telco 20050401                    Abstain is the default. It is not always mandatory to respond to
                                  the account servicer, the account owner may reply directly to the
                                  (US) legal representatives.

                                  UHB definition "Class Action - Class acti
CONS - Consent Offer VOLU    CONY US and ICSDs, rarely applicable in other market practices                               Not used in NL
                             CONN
telco 20050401               ABST UHB definition "Consent - Solicitation of shareholders consent.
                             NOAC Procedure aimed at obtaining consent of holders to proposal by
                                  issuer or a third party without a formal general meeting."

CONV - Conversion                    To be discussed with MRGR, EXOP, EXOF and BIDS at global            VOLU   SECU      Discussed in Frankfurt
                                     SMPG meeting April 2005                                                    CASE


COOP - Company                       Pending SR2006 maintenance (deletion accepted) country
Option                               voting to finalise
CPNR - Adjustment of                   Pending SR2006 maintenance (deletion accepted) country
Interest Rate                          voting to finalise
CPST - Coupon        VOLU      SECU    The event does not normally have an annoucement. The event      VOLU    SECU
Stripping                              is initiated by the security holder.

telco 20050401                         Agreed as VOLU and SECU

                                       UHB definition "Coupon Stripping - Coupon stripping is the
                                       process whereby interest coupons for future payment dates are
                                       separated f
DECR - Decrease In      MAND   CASH    Agreed as mandatory and cash.                                   MAND    CASH
Value
                                       In SE and DK and IS and NO and FI this is purely an
telco 20050401                         announcement with no options
                                       Also in central and eastern EU countries.

                                       UHB definition "Decrease in Value - Reduction of the share
                                       capital and face value of a single shar
                        MAND   SECU    Agreed as mandatory and securuities

                                       This definition also fits a common UK CA where the nominal
                                       value changes through the issue of deferred shares (via a
                                       subdivision) which tend to be unlisted and valueless and are
                                       cancelled.
                                       May also apply in US - to be
DETI - Detachment
DFLT - Bond Default
DLST - Trading Status                  Pending SR2006 maintenance (deletion accepted) country
De-listed                              voting to finalise

DRAW - Drawing                                                                                         MAND    SECU
DRIP - Dividend                                                                                        VOLU    SECU
Reinvestment
DSCL -Disclosure                                                                                                      Not used in NL
DTCH - Dutch Auction,                                                                                  VOLU    SECU
Bid Tender                                                                                                     CASE
DVCA - Cash Dividend                                                                                   MAND    CASH



DVOP - Optional                                                                                        CHOS    CASH
Dividend                                                                                                       SECU
                                                                                                               SLLE
                                                                                                               NOAC

DVSC - Scrip Dividend                                                                                  MAND    SECU



DVSE - Stock                                                                                           MAND    SECU
Dividend

EXOF - Exchange                                                                                                       Discussed in Frankfurt




EXOP - Exchange                                                                                        VOLU    CASH
Option                                                                                                         SECU
                                                                                                               SLLE
EXRI - Call on Rights                                                                                  VOLU    SECU
                                                                                                               SLLE
                                                                                                               NOAC
EXTM - Maturity                                                                                                       Not used in NL?
Extension

EXWA - Warrant          VOLU   NOAC Do not use for mandatory events                                     VOLU   SECU
Exercise                       EXER                                                                            NOAC
                               LAPS BUYA and SLLE = used only when instructing the Bank to sell.
telco 20050401                      Otherwise it is understood that the owner will sell. Subject to
                                    SLA
                        CHOS        Options are country specific
                                    UHB definition "Warrant Exercise - Warrant conversion. Option
                                    offered to holders to buy (call warrant) or to sell (put warrant) a
                                    specific amount of stock, cash, or commodity, at a
                                    predetermined price, during a predetermined period of time
                                    (which usually
INCR - Increase in                  Pending SR2006 maintenance (deletion accepted) country
Value                               voting to finalise

INDE                                                                                                                  Not used in NL?
INTR - Interest                                                                                        MAND    CASH
Payment


LIQU - Liquidation                                                                                     MAND    CASH
                                                                                                               SECU
                                                                                                               CASE
                                                                                             CHOS   CASH
                                                                                                    SECU
                                                                                                    CASE
MCAL - Full Call                                                                             MAND   CASH

MEET - General                                                                               VOLU   no
Meeting                                                                                             options
CMET - Court meeting
XMET - Extraordinary
meeting
OMET - Ordinary
General Meeting

MRGR - Merger

NAME - Name Change                                                                           MAND   SECU




ODLS - Old Lot Sale      Pending SR2006 maintenance (deletion accepted) country
                         voting to finalise
ODLT - Odd Lot Offer                                                                                          Not used in NL



OTHR - Other Event
PARI - Pari-passu                                                                            MAND   SECU

PCAL - Partial Call                                                                          MAND   CASH

PDEF - Partial                                                                                                Not used in NL
Defeasance /
Prefunding
PINK - Payment in                                                                            MAND   SECU
Kind
PLAC - Place of          Pending SR2006 maintenance (deletion accepted) country
Incorporation            voting to finalise

PPMT - Installment                                                                                            Not used in NL
Call

PRII - Interest                                                                              MAND   CASH
Payment w/ Principle
PRIO - Priority Issue                                                                        VOLU   SECU
REDM - Final Maturity                                                                        MAND   CASH



REDO -                                                                                       MAND   no
Redenomination                                                                                      options
REMK - Remarketing                                                                                            Not used in NL
Agreement
RHDI - Rights                                                                                MAND   SECU
Distribution

RHTS - Rights Issue                                                                                           EXRI used in NL
SCOP - Suspension of     Pending SR2006 maintenance (deletion accepted) country
Corp. Action Privilege   voting to finalise

SHPR - Shares                                                                                MAND   CASH
Premium
SMAL - Smallest          Pending SR2006 maintenance (deletion accepted) country
Negotiable Unit          voting to finalise
SOFF - Spin-Off                                                                              MAND   SECU

SPLF - Stock Split                                                                           MAND   SECU
SPLR - Reverse Stock                                                                         MAND   SECU
Split

SUSP - Trading           Pending SR2006 maintenance (deletion accepted) country
Status: Suspended        voting to finalise
TEND - Tender            SR2005 defn                                                                          Discussed in Frankfurt
                         "Acquisition; Take-over; Offre publique de retrait (FR); Purchase
                         offer/buy-back. An offer made to shareholders, normally by a
                         third party, requesting them to sell (tender) their shares for a
                         specified price usually at a premium over prevailing market
                         prices. Generally, the objective of a tender offer is to take
                         control of the target company."

TREC - Tax Reclaim                                                                           MAND   CASH

WRTH - Worthless                                                                             MAND   SECU

				
DOCUMENT INFO
Description: Equity Capital Agreement document sample