The OLIF2 lexicon and terminology exchange standard is currently under development within the OLIF2 Consortium, a collaborative group of industrial firms active in the field of language technology. Based on the OLIF prototype (Open Lexicon Interchange Format) that was generated as part of the OTELO and Aventinus projects, OLIF2 represents an improvement to OLIF in several important ways: First, while maintaining the simple, straightforward structure of the original OLIF, OLIF2 is now XML-compliant and will serve as the lexicographical component of the new XLT lexical/terminology exchange standard that is being developed within the framework of the SALT initiative. Second, the original OLIF language options, restricted initially to just English, German, and Danish, have been expanded to accommodate the requirements of French, Spanish, and Portuguese as well. And third, OLIF2 offers improved support for NLP systems such as machine translation, an original goal of the OTELO project, by providing coverage of a much wider and more detailed range of linguistic features.