HOUSE_OVERSIGHT_025668.jpg

Blockchain Technology Holds Potential for a Range of Investment | FRITTED . . Management Applications Division 1. Financial Market Transactions 2. Identity Validation and Security Client XYZ Current T+ 2 if State @ @ ver =| = am Blockchai LN om ockcnain- Enabled |® _ Settlement ~ Sri : ce « Banks are focused on blockchain technology for post-trade * Potential to securely link identity and payment credentials to settlement and clearing, with aims to: a unique individual. Y Streamline equities settlement from T+2 to T+0. ¥ Benefit peer-to-peer businesses reliant on counterparty trust. ¥ Streamline compliance and anti-money laundering surveillance. = Goldman Sachs Global Investment Research expects limited blockchain adoption over the next 2-5 years, and broader acceptance after 5-10 years. — Capital market adoption may take over 10 years, given regulatory oversight and the multitude of participants. Source: Investment Strategy Group, GS Investment Research, Profiles in Innovation: Blockchain: https://360.qgs.com/qs/portal/?st=1&action=action. binary&d=21 760456&fn=/document. pdf. Goldman Sachs & Co LLC, Blockchain, The New Technology of Trust, http:/Avww.goldmansachs.com/our-thinking/pages/blockchain/index.html 5 HOUSE_OVERSIGHT_025668