Background+Informa/on+on+BTAConsul/ng

1 Background Informa/on on BTA Consul/ng Presented by: Brian Taylor, BA (Hons), ACA Date: 14th October, 2015 BTA Proposal at a Glance Strengths BTA is the leading central markets consultancy prac/ce globally measured by number of clients. Our strength is unsurpassed and it will be very di cult for others to match Mul/- disciplinary end to Very strong academic Experience of all stages Solu/ons driven end exper/se background of development Absolute Professional and Flexible Honesty Market prac//oners independence Team Members BTA has assembled high calibre team members who are experts in their respec/ve elds > 140 man years of nancial Successfully delivered >100 Members of key interna/onal markets experience projects boards ECSDA, ANNA, T2S Experience in 12 out of 18 CSD 92 years of CSD and CCP mul/ple Global experience with markets in system vendor solu/ons asset classes experience various phases of development Project Success 2. About BTA 3. Informa/on on BTA legal Nature A limited liability company incorporated under the Laws of England and Wales Established in 1991 as a posi/ve decision to provide the highest quality consul/ng History services to central market clients and their stakeholders Organisa/on and Led by Mr Brian Taylor, the Managing Director, with a network of 30 specialist Management consul/ng professionals Core Services Central Markets Development and Contract Development and Project Management The Managing Director deals with all complaints and BTA always aims to be objec/ve Complaint Handling and fair.

2 The objec/vity comes from the need to follow the contract. Neither BTA nor any of the consultants in the team have been subject of disciplinary Disciplinary Ac/ons ac/on during the past 25 years Quality Reviews All BTA deliverables are cross reviewed by peers Changes in BTA BTA always endeavours to retain the team that it promises in its contracts. In the event personnel a change is required then BTA follows a formal change request process. 4. Team Members 5. Team Members BTA o ers complete coverage of exper/se providing best in class consultancy services Consultant Country Strategy Clearing & Depository & Regula/ons IT Financial Governance Risk Experience Seblement Registrar Model Management UK, Switzerland, Brian Taylor . Thailand and many (BA, ACA) others . Malaysia, New Zealand, UAE, Sin- Keat Cheah (BSc and FRM) Saudi Arabia, Azerbaijan and Sri Lanka . Slovenia, UAE, Peter Premk Bahrain, Egypt, (LLB) Libya, Azerbaijan and Sri Lanka . Denmark, Johannes Luef Luxembourg and (PhD) Mexico.

3 Majd Jordan, UAE, Iraq, Sha q(BSc, MPA) Egypt, Tunisia and Morocco . Norway, US, Jan Erik Sweden, Saudi Audsen (BBA) Arabia and many others . 6. Pro le of Post Trade Team Members Brian Taylor General Experience: 30 years financial markets experience with more than 20 years with central financial markets covering Exchanges, Central Banks, ATS, CSDs and complex IT projects. Specific Experience: Team Leader, Strategist, Innovator and Domain Expert, since 1989 onwards. Started as Team Leader to design and set up the Malaysian Central Depository. Other post trade experience includes VPS Norway, Crest UK, LCH, X-clear/SIS Switzerland, KDPW Poland, London Precious Metals Clearing, CDS India Limited, Malta CSD, Euroclear / Clearstream, Qatar CSD (pre-split), Malaysia CSD. Multi-asset class experience covering Government securities / fixed income, equities, some derivatives and some commodities including an innovative Government bond financial inclusion products. Significant IT vendor negotiation ability from 7 contract negotiating projects.

4 Sin- Keat Cheah General Experience: More than 20 years working experience in the capital market as a post-trade (CCP, CSD) expert, regulator, market operator and consultant in Malaysia, New Zealand, Dubai, Saudi Arabia, Azerbaijan and Sri Lanka. Specific Experience: Contributor to the Capital Market Masterplan for Malaysia and implemented all the recommendations. Implemented the strategic improvements for the financial market infrastructures in Malaysia, New Zealand and Dubai. Completed the business, operations and risk management strategy for Sri Lanka, risk management and corporate action arrangement strategy for Azerbaijan and assessing risk in the Clearing and Settlement Process in Saudi Arabia and provide strategic directions and roadmap for the implementation of the various recommendations on clearing and settlement in Saudi Arabia. 7. Pro le of Post Trade Team Members Peter Premk General Experience: 19 years financial markets experience covering legal , regulatory and operations of post trade environments.

5 Specific Experience: Post trade legal , regulatory and operational expert with experience from over >. 10 countries including Chief Operating Officer, Member of the Slovenian CSD management board (1995. - 2005) of KDD, Slovenia - the national CSD and Registrar, responsible for legal , regulatory and IT. Implementation of new CSD System in Slovenia and the RTGS Interface DVP project with Slovenia Central Bank. Expert in transposition of PFMI-IOSCO, CSDR and EMIR into various markets. Middle East experience includes, Egypt, drafting implementing and operating legal and regulatory solutions, CSD Syria, CSD Dubai, and the Bahrain CSD. Johannes Luef General Experience: 26 years financial markets experience with Doctorate in Information Technology. Specific Experience: 14 years as CEO of VP, Denmark. Founder of the first Luxembourg CSD VP LUX. with DVP links to Euroclear / Clearstream, and Board Member of ECSDA. Feasibility study for Nordic Clear, Founding member of Link-Up markets linking 7 CSDs in Europe.

6 Successful export of VP Mortgage Backed Securities CSD technologies and expertise to Mexico and comducted a design study for Abu Dhabi. 8. Pro le of Post Trade Team Members Jan Erik Audsen General Experience: More than 28 years experience in project management and consulting roles. Highly experienced project and test manager, strategy consultant and entrepreneur in equity financial markets and bank payment systems. Specific Experience: Project Manager/Test Manager in 7 different trading system including X-stream. Middle East experience include Quality and Project governance audit commissioned by Tadawul to analyse the X-stream INET implementation from NASDAQ, including SMARTS and Equator modifications. Previous role include an advisor and trainer in ITSM best practices as defined by international standards like ITIL , COBIT and ISO 9000, including adhering to best practises for IT. security as defined by ISO 27000. Design of the IT requirements for the HFT strategy for the Stock Exchange of Thailand, including the impact on clearing requirements.

7 9. Projects Undertaken 10. World Class Client List Red references post trade 59 post trade projects from across the globe UK Asia Europe Allied Irish Bank Bombay Stock Exchange Alpha Bank Greece ABN Amro Hoare Govett Colombo Stock Exchange/ Central Bank of Sri Lanka and SEC Broker Systems Greece Athens Stock Exchange CDS (India) Limited Budapest Stock Exchange Bank of Ireland Computershare Cedborsa Spa Bank of Nova Scotia Karachi Stock Exchange CMA Small Systems Barclays Bank OTC Exchange of India Compaq Milan BT Syntegra Rubber Authority of Singapore Cyprus Stock Exchange Chi- Tech Europe Stock Exchange of Thailand National Audit Office, Cyprus Cinnober Stock Holding Corporation European Bankers Association STEP 2. Computershare of India European Efficient Markets Association CSC Tandem Singapore Estonia CSD. CS Rand Euroclear Deutsche Bank European Investment Bank Department for Constitutional Affairs Finannzmarket in Mittel- und Osteuropa (Court Funds Office) Gibraltar Stock Exchange Dresdner Kleinwort Benson HP.

8 Ernst & Young Icelandic Securities Exchange Finsbury Asset Management Interxion BV. First Mercantile Plc KDPW Poland HSBC Bank Keler / Fornax Hunggary Investors Notice Board KSI BV. JP Morgan List Jeffries International Americas and Caribbean Middle East & Africa Lithuania Exchange Kleinwort Benson Securities Alberta Market Solutions 6 FEMIP country markets Malta Stock Exchange Lexit Financial Bahamas International Securities Exchange Abu Dhabi SE Ministry of Finance Czech Republic Liffe BVRD Dominican Republic Al Khaldiya, Kuwait Ministry of Finance Slovak Republic London Metal Exchange Cable & Wireless Cayman Batelco BSC NASDAQ OMX. London Precious Metals Clearing Ltd Cayman Automated Payments System Bank of Tanzania NSSMC Ukraine & EBRD. Logica Plc Cayman Commodities & Derivatives Exchange Bahrain Stock Exchange National Bank of Romania Merrill Lynch Compaq Tandem & Mexico British Council Kenya OM. Official Solicitor & Public Trustee E*Trade CMSA Tanzania OM Jiway Perot Systems EFA Software Capital Markets Authority Optiver Binckbank Percival Software John Hancock Government of Kenya Oslo Bors PLUS Markets Group plc Mercato Aviento Electronic Argentina Dar- es- Salaam SE Perm Securities Market S2 International Mexico Stock Exchange Doha Securities Market Rabobank SWIFT Price Waterhouse Argentina Ghana Stock Exchange RMS Czech Republic The MBA Training Company Price Waterhouse Washington Gulf Business Machines RMS Slovak Republic TCAM Systems Price Waterhouse Coopers Bahamas Kuwait Clearing Corporation SIA spa Terrapinn TCAM Stratus Nigeria Stock Exchange Split Art S.

9 A. Trayport Vista Consulting OAU SWX Europe/Virt- x UBS Services Limited Tadawul TOM Wales Stock Exchange Qatar Financial Markets Authority UBS Switzerland 1. Red denotes post trade experience Verdipapirsentralen ASA (VPS). Warsaw Stock Exchange 11. Example Post Trade Projects BTA is the most successful consultancy company globally measured by number of projects CCP / Clearing Central Securi/es Securi/es Exchanges Central Banks Houses Depositories Commissions Malaysian VP, Denmark & Lux Bursa Malaysia Securi-es Central Bank of Deriva-ves Clearing Crest / Euroclear New Zealand Commission Malaysia House Clearstream Exchange Malaysia Saudi Arabia Malaysian Securi-es SIX/SIS Dubai Financial Capital Market Monetary Authority Clearing House VPS Norway Market Authority Saudi Na-onal Bank of New Zealand Polish CSD - KDPW NASDAQ Dubai Arabia Egypt Clearing Czech CSD - SCP Saudi Stock Qatar Financial Na-onal Bank of NASDAQ Dubai Sri Lankan CSD Exchange Services Authority Belgium Dubai Financial Bombay SE CSD Qatar Exchange State Securi-es Na-onal Bank of Market Malaysian CDS Warsaw Stock Commission Romania Wiener Bourse N.

10 Zealand CSD Exchange Vietnam Albanian Central NDC Clearing Unit Dubai Financial Baku Stock Exchange Securi-es Bank Azerbaijan Market Bucharest Stock Commission China Bank for KDPW, Poland Saudi Stock Exchange Capital Market Interna-onal X- clear Exchange Stock Exchange Authority, Kenya SeXlements Baku CSD Thailand CMSA, Tanzania Slovak Central Bank London Precious Kenyan CSD Central Bank of Metals Clearing Russian CSDs Denmark Also advised network providers SWIFT, BT Radianz and Market Intermediaries 12. Why BTA Consul/ng? World Class Experience n 21 year globally successful track record n > 100 nancial markets clients > 80 central market projects (exchanges, CCPs, CSDs, payment systems) Previous strategy experience conver-ng fron-er markets to emerging markets n Very crea-ve delivering signi cant commercial value for clients that far exceeds our fees n A network of 30 consultants with relevant and proven experience n Highly successful, deliver where others fail What BTA is not n Independent ( nancially and ethically) n No con icts of interest n In depth knowledge of regulatory reform 13.