Clearstream - Delivering solutions to industry challenges today & tomorrow Market trends and solutions provided in partnership ACSDA Assembly May 2016

Client: XXXXXX Title: XXXXXXX The “Markets Company”: Clearstream is an integral part of Deutsche Börse Group Trading, listing, infrastructure partnerships Cash markets Open settlement model Derivatives markets Fixed income markets Investment Fund markets Settlement, custody and securities financing OTC ETFs On exchange Clearstream is the only global combined ICSD/CSD positioned at the core of an exchange group AA-rated entities providing services along the entire processing chain of a securities transaction Based in two AAA rated countries: Luxembourg and Germany Leading global collateral management Multi asset class account for bonds, equities, mutual funds, ETFs, hedge funds Central Counterparty Services July 30, 2019

Client: XXXXXX Title: XXXXXXX Financial institutions face heavy burden of regulatory constraints post financial crisis Risk-based capital requirements Leverage-based capital requirements Basel III restrictive capital definition New credit risk charges Basel III minimum leverage ratio Leverage exposure stress tests Business portfolios of financial institutions Collateral requirements Operating cost pressure EMIR clearing requirement for standardized OTC derivatives Initial Margin Segregation Redesign of operating models Central execution/ clearing connectivity Monitoring, reporting infrastructure Compliance requirements Liquidity rules Basel III LCR and NSFR Intraday liquidity requirements Liquidity stress tests Financial resource optimization has become a strategic imperative Source: Oliver Wyman analysis

Clearstream’s Global Liquidity Hub Client: XXXXXX Title: XXXXXXX Clearstream’s Global Liquidity Hub The regulatory emphasis on collateral It is at the core of all global financial initiatives: A key component for stress test resilience (CeBM, HQLA) Mandatory usage when accessing centrally cleared products Promoted as the primary mitigator of bilateral counterparty risk (BCBS-IOSCO) Leverage Ratio LCR / NSFR Risk Weighted Assets (RWA) Netting Balance sheet optimization Collateral opportunities Capital Netting Term Leverage Liquidity Risk Decisions (Counterparty / Haircut) 30 July 2019

Clearstream’s Global Liquidity Hub Client: XXXXXX Title: XXXXXXX Clearstream’s Global Liquidity Hub Collateral mobility central to our strategy Collateral Managing liquidity Optimizing collateral Central Clearing Uncleared margin Focusing on key areas that are important to our clients: Making it easier for clients to manage liquidity Helping you to optimize collateral Supporting central clearing efficiently Introducing new services to support uncleared margining Global Liquidity Hub solves for a fragmented collateral landscape 30 July 2019

Clearstream’s Global Liquidity Hub Client: XXXXXX Title: XXXXXXX Clearstream’s Global Liquidity Hub …tap into fragmented pools of collateral Asset protection and ‘to big to fail’ remain the central themes: Impacts the entire custody value chain Increasing use of collateral across trading, clearing and credit layers Legal differences between jurisdictions Key is unlocking access to your collateral pools Investor Investor Investor MTF Other Financial Intermediaries CCP Agents Banks and Custodians CCBM Investor CSD Central Bank Issuer CSD 30 July 2019

Securities and collateral mobility Client: XXXXXX Title: XXXXXXX Securities and collateral mobility Developments in infrastructure Infrastructure holds the key to a robust collateral framework: Some initiatives point towards harmonization e.g. T2S Others point towards partnership e.g. Liquidity Alliance The ability to interoperate in a competitive landscape Plug and play solutions LH Classic LH GO LH Connect Client inventory location Clearstream CSD Agent bank Custodians Settlement model Internal Domestic Book-entry* (sell-side) Current Partners or Venues ASX CDS Cetip Iberclear SGX Strate VPS CBL CBF (T2S) BP2S Citi SCB DB Future Service Extension Interoperable (other Triparty systems) International Buy-side Interoperable (LH Alliance) 30 July 2019

Vestima – An introduction to our funds solution Results of Sales & RM Team 2014 7/30/2019 Vestima – An introduction to our funds solution Just under 2 EUR trillion Mutual and Hedge fund assets deposited in Clearstream Over 200,000+ funds covered (from around 1,000 asset managers in 37 fund jurisdictions) Around 1,000 financial institutions in over 100 countries use Vestima as a unique venue for funds processing (ETFs, hedge funds, mutual funds) Customer segments: CSD’s, universal, private, and retail banks plus global and local custodians, asset managers, fund platforms and other Institutional investors Facts & Figures Investors Vestima® Issuers Distributor banks (private, retail and universal banks) and global custodians Asset managers (and their custodian banks), pension funds, insurances, fund platforms, etc. Order routing and centralised settlement for international investment funds (mutual funds, hedge funds, alternative funds and ETFs) Custody, Corporate actions, Reporting Transfer agents Hedge fund administrators CSDs Trading platforms Stock exchange 30 July 2019 8

Investment Fund Services One-Stop-Shop Solution Client: XXXXXX Title: XXXXXXX Investment Fund Services One-Stop-Shop Solution Model includes: Centralized order routing Settlement Cash management Reconciliation Custody (corp action, dividends, etc.) Reporting CSD Fund Platform Distributor Custodian/ Banks Broker Mutual Hedge Vestima Vestima Prime Transfer Agent HF Admin Mutual Fund Services Order Routing Custody and Settlement (CFF) Hedge Fund Investor Services Order Routing Operating the Registrar Accounts 30 July 2019

Cross-border investments in LATAM Winds of positive change LATAM investors historically perform fund investments in local or regional securities Domestic markets are small and liquidity can be very thin Growth of pension schemes is leading investment managers to seek diversification via cross-border investments Regulators are responding by increasing investment limits to allow broader offshore investment and risk diversification UCITS and ETFs are most popular offshore investments. LATAM investors access offshore investments via Vestima. Foreign investors access domestic LATAM funds via Vestima 30 July 2019 10

Client: XXXXXX Title: XXXXXXX Our CSD Processing Model Partnering with the local market infrastructures Transfer Agent A CSD Vestima PTF A Order desk Order Routing B PTF B C PTF C D PTF D E PTF E Settlement + Post Trade Registrar A TA a/c A CBL Account B B C C D D E E International Market Local Institutions CSD Clearstream 30 July 2019

Vestima coverage Value-adding products for Distributors More Domiciles Transfers AIFMD Reporting Hedge Funds Asia/Latam T2S Vestima 2016 More Domiciles More Instruments Value-adding products for Issuers

Client: XXXXXX Title: XXXXXXX