1. Market Update ASLF 2016 Martin Palivec Head of Direct Custody and Clearing Canada

2. Capital Market Toronto Stock Exchange Index Performance Canada GDP Annual Growth Rate Data source: TMX

3. Recent Market Developments CDS Currency Service was launched (June 2015) A new web-based service that allows participants to convert entitlement funds received in Canadian dollars to U.S. dollars or vice-versa - Seamless Foreign Exchange (FX) service that provides value to: CDS participants can receive funds in a currency that is ready to be immediately credited to client accounts, making conversions easier to manage than self-managed FX Issuers who can offer FX alternatives to their shareholders without requiring an in- house FX program Beneficial owners who can receive entitlements payments in a currency of their choice on payment date

4. Service Update Key Development Change Client Impact, SWIFT Messaging ISIN was added to MT940/950 Statements for Canada events / Corporate actions This allows clients to internalize the message and systemically reconcile transactions without the need for manual intervention or data look ups. Process enhancement has been implemented for Canadian Dividend Reinvestment Plan (DRIP) events As a result of this enhancement, clients electing stock/reinvestment options experienced changes in how security entitlements and tax withholding are posted to their accounts Clients have greater transparency regarding their entitlements particularly regarding stock payments, charges, and tax elections. Systemic processing reduced manual errors and improved messaging to clients.

5. Forthcoming Initiatives Key DevelopmentsClient Impact Change of the novation timing from the beginning of day on T+3 to the beginning of day on T+2 in September 2016 A reduction in exposure to a counterparty default since CDS will become the CCP (Central Counterparty) at an earlier point in the CNS settlement cycle Central Counterparty CNS (Continuous Net Settlement) trades novation at T+2 Planned for 3Q 2017 Increases settlement efficiency and reduces counterparty risk for clients Synchronized with DTCC (The Depository Trust & Clearing Corporation) in the USA Moving from a three-day (T+3) trade settlement cycle to a two-day (T+2)

6.  Canadian Dollar depreciation CAD/USD rate Country Hot Topic

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