Slide 1

David Pryce Director Commercial Channels & Developing MarketsMoscow 20 April 2006

BRICA – Emerging MarketsBRICA – Emerging Markets

Slide 2

Vision (still to be finalised)

Foundation

Ongoing

Strategic thrusts

Community

Standards

Platform

"Global financial interoperability" - Increase share

- Enhanced messaging- Cooperative space

Euro integration

Securities, derivatives

Emergingmarkets

Client reach

Existing momentum and remaining runway● SWIFTSolutions● Adjacencies● Reach

● Corporate ● TSU

● BRICA● RTGS+● Worker remittances

● Securities pre-settlem.● Derivatives

● SEPA● TARGET2● Giovannini

Strategic framework

Slide 3

Each Emerging market is different, but SWIFT is building on a common approach

Localize- Adopt offer to local conditions- Work with established Business Partners, NMG and local community- Set-up local offices (e.g. South Africa, China)

Understand- Understand local requirements- Quantify and prioritize opportunities- Allocate resources to harness opportunities

EmpowerNMG

- Develop Senior level NMG’s - Work with them to define local strategy- NMG working partnership with Central Banks/regulators

MI’s - Focus on linking payments and securities MI’s to SWIFTNet

Slide 4

Developing markets traffic overview Dec 2005 YTD

Africa

Middle East

Russia/CIS

Eastern Europe

China

TrafficMmsgs % growth

% of totalSWIFT traffic

India and sub-continent

54.9

24.2

23.9

21.8

14.6

14%

19%

15%

26%

11%

2.2%

1.0%

1.0%

0.9%

0.6%

12.1 10% 0.5%

TOTAL 151.5 16% 6.1%

Slide 5

BRICs and Africa

Capture organic growth via local agents

Establish local presence, sign up local institutions

Sign up selected MI's (e.g. regional exchange)

Modest Very ambitious

(POST 2010)

Cross-Border standard +

Domestic MI Infrastructures of

choice

: Current ambition

: Ambition set in Cape Town

Raising the Ambitions for BRICA- Additional Resources 11 in 2006- Fast rollout of Offices and recruitment

-Sao Paulo(3), Johannesburg (2)-Dubai (2), Moscow (3)

- Additional traffic projects- SWIFT Market share

Slide 6

BRICAAction plan 1

Commission Asia study/strategy with Mckinsey

– Project focus China and India initially

– Kick off sessions w/c 20/2 – fast deliverables

– Interview process 40-50 banks/regulator etc

– First review w/c 6/3

Report by end march, opportunities/next steps

– Proposal to June board

– Extend to other countries/Asia tbd

Slide 7

BRICAAction plan 2 Start hiring process for Brazil, Russia, Africa and Dubai –

end feb 06

– Profiles defined (e.g.Payments/Securities specialists)

– Initial contacts with Recruitment agencies

– First feedback and candidates Background preparatory work on new offices

– Legal/Tax situation (ongoing e.g. Brazil, Dubai)

– Premises visits ( first evaluation w/c 6/3) Open offices in Brazil, Russia and Dubai by mid 2006 Prepare to open offices in Korea and India by end 2006

(feasibility and business plans)

Slide 8

BRICAAction plan 3. Russia Start hiring process Russia,– end feb 06

– Profiles defined (e.g.Payments/Securities specialists)

– Additional Russian speaking support in Head office

– First feedback and candidates Background preparatory work on new office

– Legal/Tax situation –clarification

– Working with Rosswift/ALF on best structure

– Office to be based together with Alliance Factors and Rosswift

– Resources in place for Russia by mid 2006 Official office opening by end 06

Slide 9

SWIFTNet - Single window access to the financial world for Russian users

Market infrastructures

SWIFTSolutions‘Serving you to serve your customer’

SWIFTNet FIN

Enabling thecommunity

Harnessing businessprocess modelling

Extendedclient reach

Single windowaccess to MIs

SWIFTNet

Slide 10

SWIFT strategy for Russia/CIS

Actively support market infrastructure initiatives RTGS Payments and Securities Focus on SWIFTSolutions Close cooperation with Central Bank and

Regulators Increased Local presence and approach Working closely with Business Partner Alliance

Factors and Rosswift