Odyssey Asset Management Systems Illustration of a software

Odyssey Asset Management Systems Illustration of a software company product strategy 01 -Nov-20

Agenda v Corporate presentation v Product strategy v Roll out considerations 2

Agenda v Corporate presentation v Product strategy v Roll out considerations 3

Vision Odyssey's vision is to achieve global leadership in advanced technology solutions for the Investment Management community and deliver competitive advantage by helping our customers offer superior services to their clients. 4

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

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

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

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

Odyssey evolution Client Reporting PB PM PB Extended Positionning Technology Shift Geographical Expansion RM PB Market Data Repository 2004 Client Server C/C++ Sybase J 2 EE Components API 2004 Europe Asia Middle East North America 2004 9

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

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

Turnover Breakdown 2003 By Activity 36% 2003 Net Turnover = € 36. 1 million By Region Figures valid as of December 31, 2003. 12

Shareholder Breakdown 2003 Odyssey’s Capital = € 13. 6 million Figures valid as of December 31, 2003. 13

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

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

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

Odyssey Partnerships Software Providers & Business Associates Hardware Platforms 17

A pressing & moving competition Mid-Front Office Riskmetrics Brainpower Longview Latent Zero Charles River Mc. Gregor FMC 1. 2. 3. 4. 5. 6. 7. 8. DSTi Sungard Mysis Simcorp Thomson Forbatech Igefi Linedata Data Repository Back Office Activities 1. Odyssey 1. Finantix 2. Business Architects 2. Siebel-Eontec 3. Delta 3. S 1 4. Swissrisk 4. Fidelity 5. COR 5. Getronics 6. Finaplex 6. Unisys 7. Reuters 7. Fineos 8. X-eyes 8. Banq. IT 9. Thomson 10. Sage Asset Control, Eagle Pace, Fame, FTI, Netik, Odyssey 1. 2. 3. 4. 5. 6. 7. Institutional Segments 1. 2. 3. 4. 5. 6. 7. 8. ERI Temenos Avalog Bosslab SEI ADP IDS Callatay Private Banking 1. 2. 3. 4. 5. 6. 7. 8. i-flex Temenos Callatay SAP-Alnova Fiserv Fidelity National System Access Mass Affluent Retail 18

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

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

21

Agenda 22

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

Agenda v Corporate presentation v Product strategy v Roll out considerations 24

Some Strategic Market Objectives • Expanding Solutions towards: ü Off-Shore => On-Shore ü PM => RM ü Discretionary => Advisory Business ü HNWI => Mass Affluent/Retail ü In-House => ASP/BSP Solutions ü In-House => B 2 B/B 2 C ü Europe => Global (US / Asia) 25

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

The Development Strategy : A Component Architecture This development strategy consists in developing, using J 2 EE technology, business components covering both new and existing specific functionalities, including Triple’A. These components can be provided and seamlessly implemented as combination, or implemented independently. 27

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

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

Today’s Technical Infrastructure Component Client/Server Neuron Data (Presenter) HTML / XML (->PDF / Excel / …) Actuate XSP / XSL Java / Swing Sybase Open Client Cocoon AS WS/ Web. Lo Torque C/C++ Web Container EJB Container Castor Jython JDOQL Java / J 2 EE Log 4 J Don. LP 2 … JNI –> C/C++ Sybase Open Server JVM JDBC JMS Sybase / Oracle / DB 2 Sim. Corp Sybase RMI Ascential 30

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

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

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

DB Component Repositories HEART Repository DDL Admin Triple’A Repository Financial Planning NM 4 Flow. Mind Nexus Risk. Metrics Other PMS Components WUI Admin Wk. Flw Editor Mass Affluent Perf / GIPS JRNL Strat Admin Loda. Pos Dcmt Editor TASC TA/PM Rule Engine DB Access WUI Custo Query Editor Order. Mgt Rebalancing Scripte Pageflow Valo/Check TA/RM Services XDI Audit Wrk. Fl UDP IPA Profiling Preference CIMS MCQ/Alert Page. Flow Internat. CDM Mail Mgr Advisor GCL Orga Secu Msg MDF CBI A More Detailed Functional Architecture A Fully Component-Based Architecture Other New Profiles … Odyssey Presentation Framework (OPF) Live!Report Odyssey Technical Framework (OTF) Gateway 34

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

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

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

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

Triple’A Componentization : What Does It Mean ? Componentization does not necessarily mean Java : Fusion Fct Load. Pos Compute New Pos (C) Save. Pos Components Load Pos + Op Compute New Pos Save New Pos Financial Server Other Candidates : Donlp 2 (Done) / Instrument Analytics (Simcorp) / Perf Attrib (TBA) / … 39

Agenda v Corporate presentation v Product strategy v Roll out considerations 40

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

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

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

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

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

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