Global Custodian Clearing and Settlement Issue 2018

NVESTORS Clearing & Settlement Cross Border Payments Mobile Payments Trust & Custody 43% 25% 16% 16% | B L O C K C H A I N ] Public Blockchain vs ASX Private Permissioned Ledger INVESTORS SAY 16% 43% 16% Public blockchain ASX private permissioned ledger Not applicable to highly regulated markets Similar to today, but an enhanced database architecture Unregulated Highly regulated market ˜ ˜ No restrictions on ˜ ˜ Infrastructure providers ability to join and transact 25% ˜ ˜ Users are anonymous or pseudonymous ˜ ˜ Limited rules and NDUSTRY Clearing & Settlement 39% Cross Border Payments 21% Mobile Payments 32% Trust & Custody 8% INDUSTRY THINKS 32% 21% Operated on a system within a private network ˜ ˜ Access gained ˜ ˜ Technology controls through downloading software ˜ ˜ If compromised, Cross border payments Trust & custody retained ˜ ˜ Securities exist digitally only within the ASX register ˜ ˜ Cash remains within banking system holder can unilaterally transfer cryptocurrency anywhere in a public network Data integrity Enhanced data integrity ˜ ˜ Access to ˜ ˜ Equivalent or better ˜ ˜ Underlying Mobile payments ˜ ˜ Participants identified and Operated on the public Internet cryptocurrency controlled by private keys Clearing & settlement operation meet regulatory standards (e.g. KYC and AML) security not subject to scrutiny 39% ˜ ˜ Rule book defines market regulatory oversight ˜ ˜ Exchange and user 8% with licences to operate security of data (cryptography) ˜ ˜ Multiparty authentication and authorisation technology has inspired new applications tailored for financial markets ˜ ˜ Creates a secure single source of truth ˜ ˜ Could provide significant benefits to the industry Source: Autonomous, “Blockchain - Back-Office Blockbuster” October, 2016 Source: ASX Summer 2018 globalcustodian.com 13

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