Table of Contents

1.1

1.2
1.3

7 1.4

1 1.5

2 1.6

3 1.7
4 —— 1.8

- 1.9

5 —— 1.10
6 —— 1.11

7 “ ” 1.12

1.13

1.14

1.15

1
 /

James Schneider, Ph.D.

james.schneider@gs.com

Jordan Fox
jordan.fox@gs.com

Pierre Safa
pierre.safa@gs.com

2
Alexander Blostein, CFA
alexander.blostein@gs.com

Ingrid Groer, CFA

ingrid.groer@gs.com

Conor Fitzgerald
conor.fitzgerald@gs.com

Eric Beardsley, CFA

eric.beardsley@gs.com

Grayson Barnard, CFA

grayson.barnard@gs.com

Brian Lee, CFA

rian.K.Lee@gs.com

Michael Lapides
michael.lapides@gs.com

Hank Elder
hank.elder@gs.com

Steven Kent, CFA

steven.kent@gs.com

Lara Fourman
lara.fourman@gs.com

Robert Boroujerdi
robert.boroujerdi@gs.com

/David.Li

/DavidthePangwaer

Email:DavidthePangwaer@hotmail.com

1Gfwdth3auowBNPShWMBMotfyUc2pR3gKF

3
 ——

4
 —— ——

——

50 10

Airbnb

——

5
 7

7
“ ” P2P
“ ”

Airbnb P2P

P2P 2020 30-90

—— 25-70

20-40

10%
——
—— 110-120

“ ”
“ ”
—— 30-50

—— ——
24

2 2-5 5-10

2
10

——

6
 “
”

2020 30-90

——

Airbnb, HomeAway, FlipKey, OneFineStay

“ ”

25-70

TransActive Grid, Grid Singularity

20-40

BitFury, Factom/Epigraph

110-120

7
 Digital Asset Holdings, R3CEV, Chain.com, Australian Securities Exchange, itBit, Axoni, Ripple

30-50

“ ”

SWIFT

81
(ASX) IBM Visa Mastercard
Overstock.com

“ ”

8
 2 6
3 6 “ ”
Location#5 5 Transaction#3 3 “ ”

“ ”

——

—— “
”

9
 ——

3 “ ”

“ ”

—— “ ”
ID
—— ——

9%

24

10
16%

45

30%

“ ”
—— 30% 32

30

2020 P2P

99.9%

“ ” ——
73

500

56

11
12
 1
“ ”
“ ” —— Uber Airbnb ——

2020 Airbnb 27 92
RevPAR 800-1200bps

P2P

“ ”
“ ” P2P Airbnb HomeAway
FlipKey OneFineStay Steven Kent
Airbnb- Airbnb
2015 10 1

4 Airbnb
Airbnb

5 P2P
P2P
2000.

13
P2P —— ——
P2P

——
24

P2P
P2P

——
Airbnb 24

6 P2P
P2P 54% 15 4

7 P2P
P2P 54% 15 4

8 P2P
P2P 54% 15 4

9 P2P
P2P P2P

14
 2000 —— P2P
“ P2P ” 5

P2P Airbnb HomeAway FlipKey OneFineStay

Airbnb 191 200 6000
P2P

1.

2. Airbnb 24

3. Airbnb 500

P2P 3 (1)
ID (2) (3)

Airbnb

P2P
Airbnb

10 P2P

15
--

• ID
• ID
•
•
•

• • ID
• 24 • “ ”

•
•
•
•
•
•
•“ ”

16
 11

2016 4 Airbnb ChangeCoin. 2016 3 Airbnb CTO

Nathan Blecharczyk Airbnb “ Airbnb
”“

17
 ” P2P P2P
Airbnb

P2P

“ID ” Airbnb “ID ” ID Airbnb

(1) ID (2) Facebook, Google,
LinkedIn Airbnb (3) Airbnb \ Airbnb ID
ID
—— ID

Airbnb 2016 3 9 Airbnb CFO Laurence Tosi

40% ——

ID
24
“ ” Airbnb P2P

ID

Airbnb Steven Kent Airbnb 2013

2300 2014 4400 2015 7900 Airbnb 2015 3.6% 2020
14.1%. 2015 1.2% Airbnb 140bps
2.6%. Airbnb —— 2020
2.2% Airbnb 4.9%. Airbnb
Airbnb 2015
1.5% 2020 6.5%.

12 2020 Airbnb
2015 12 10

13 Airbnb
Airbnb

18
 Airbnb 2015 13%
2020 46%. Steve Kent 2015 10 1 Airbnb 2020 5.06
Airbnb ——

1.

2.
ID

3. P2P (OTA)
ID P2P

——
3 Airbnb 65%
200-600bps 3%-10%
6-9 P2P
2% P2P 36%
200bps 2020 6.25
23% 2015 2020 290,000
(RevPAR) 800bps. 600bps RevPAR
1200bps.

14 Airbnb —— Airbnb

19
 15 600bp RevPAR
Airbnb —— 200bps 400bps 600bps

16 600bps Airbnb 46%

Airbnb ——2015-2020

P2P Steven Kent 2015 10 1

Airbnb P2P
Airbnb HomeAway FlipKey
P2P
P2P

P2P

P2P Airbnb 2015

1.5% 2020 6.5%. 200bps Airbnb 2020
7.9% 600bps 11.3% Airbnb

20
 Airbnb
2015 52,000 2020 Airbnb 260,000
200bps/400bps/600bps 320,000/391,000/473,000.

RevPAR Airbnb Airbnb

2020 RevPAR 200-400bps

17 2020 600bps 1020 560

Airbnb ——2015-2020

18 RevPAR ——

ID
Expeida

21
 2

P2P

25-70

3600 ——

/
1%

—— / ——
/

19
1990 -2014

20
2015-2040

EIA EEI

21
VS
2014 -2023

22
2015 -2030

22
 EIA

8%-9%
——

250-750
EIA

23 10% 8%-9%

24
2000 -2015

EIA

23
 19

3000
5800
450,000

—— —— 40

25

NERC
FERC

1.
2.
3.

FERC

24
 TransActive Grid P2P

—— ——

Grid Singularity
“ ”

26

TransActive Grid

——

——

27

25
 ——
“ ”

25-70

2030 5% 1
60GW

SolarCity
60%-80%
—— 50% 50%

0.1 2%-3%

26
1.

25

2. 9

10% 10%
69

3. 9
51

28 25-70

0.1

2.5%

2030 0.14

33%

0.05

5%

2030 60GW

20%

105,120GWh

50%

--

10%

0.05 0.1 0.13

25 51 69

27
 1%.

——

28
 3

20-40

2014 110
/

2%-5%
5%-7%

29 2%-5%
2005 -2014
Y

29
 “ ”
3

——
——

30%

“ ”

1,000 1,800 275,000 0.4%-0.6%

“ ” (abstractor) (curator)
—— 75% 30

30

120
90
11
8
6

90
33
23
17
13
4

30
 70%

30%
4-12

1,000 1,800 275,000

0.4%-0.6%

31 ——
30%

1.
2. ——
3. 70%
4a.
4b. 30%
5.
6. 4-12

31
 32

30%
15%
15%
13%
12%
6%
4%
2%
2%
1%

33

45%
16%
15%
13%
7%
2%

“ ”

34

32
 1.
2. ——
3. + /
4.

20-40
23
30% 20% & 35
36

35 23
VS
- - - - -

33
 36

VS

34%
24%
18% &
13%
7%
4%

37%
23%
20% &
12%
5%
2%

5%-7%
/ 30%

75% 5.5

37 5.5 /
/ VS
- -

34
 30 ——
2%-5% ——
1,200 0.5% 864 0.3%
114 84
38

38 2%-5%

VS
- - - - - -

35
 600-800
2%

(Iowa Finance Authority)

——
——

39
275,000
- -

40 30 20-40

36
 2014
35% 27% Old Republic 15% Stewart Title 12%

——

BitFury Factom

37
 4% 1.25% 0.75% 2%. 3%-6%
2%-4% 9%-14%.

7%-11% 50bps
60

41

42

- - -
- + - - -

43
/

38
44

39
 4 ——

/ (DTCC)
20
60

2015 70 2770

DTC DTCC

DTCC

1 3 2017 2

DTCC

45

40
 DTCC

1.
/ ——
/ /
BATS

2. / /

3. / / DTCC DTCC
DTCC

4. ——
T+3 3 2017 T+2 DTCC /

DTCC /

41
 1. / 10%
/ /DTCC/

/ DTCC /

2. /
/ 45

3.
T+3 2017 T+2
/

——

20 /
6.5 9 IT 5 7 DTCC
5

DTCC.
DTCC NSCC DTC DTC OMGED ID
NSCC

1. 14 2015 110
470 20% 88 -
35% 40 10 IT/ IDC 2015 IT
5% 40

46 GSe 9
GSe
470
360 110
20% 88
39
10
39

42
 IDC

IT
13 40 33%. IT 21
10% 2015 IT 50% 10
23

47 13
GSe
39
26
13

48 10 IT 5%
GSe /
2015 IT 212
IT 21
10

IDC

IT

10%

43
 IT 50%.
50%-70% 60% 14
16%.

49 IT 16%
14
GSe IT
X ——13 ——
Y IT ——10 ——

IDC

2.

DTC NSCC. 2015 DTC NSCC

58 DTC NSCC 80%
47 2015 30%
12 67
75%
10% 50
5

50 DTCC 50 ROE 10% 5

DTCC 2015 DTCC GSe
NSCC DTC 80% 47 67
75% 50
17
5

44
 DTCC

“ ” /
DTCC

BATS
2007 2015 94%—— 930 57

—— 13
72

5 50%
/ (1) & (2)
(3)
260

51

45
 •
•

•
& • &
•

• &
•

•
•

• &
• &

• “ ”
•

•
•
•

“ ” “ ”

peering

2 (1)
(2) “ ”

(T+0)
DTCC
/ DTCC
98%

2008

46
1. /
DTCC

2.

3. /

4. /

5.
“ ”

6. /

47
 -
ASX Digital Asset Holdings CHESS
CHESS “
”
/

4
3 R3 40 4
Hyperledger Ripple.

/ASX200 ASX 2011 10 Chi-X 18%

ASX- ASX- CHESS Chi-X (TAS)
CHESS. 2016 3
18 NSX, SIM
SSX (Settlement Facilitation Service) CHESS CHESS

52 ASX

—— VS 2015 2 CHESS.
CHESS ASX
(DLT)/ 2015 ASX
Digital Asset Holdings. 2016 1 ASX
DAH ASX 1490 5% ASX
5% Digital Aseet Holdings

ASX 6-12
ASX 2016 8 16
ASX 18 2017 ASX

48
 ASX “ ” “ ”
ASX 10 ASX

CHESS ASX Genium INET ASX

ASX
40-50
——

ASX ASX 4500-5000

ASX

ASX

ASX / beta “ ” ASX

/
“ ”

ASX T+3 T+2 ASX T+0

49
 5 ——
2.8 50
——

2015 2.8
repo

repo

53 repo 2.8
repo
repo repo

54 repo repo
repo VS
repo46% 1.3
repo54% 1.5

SIFMA

repo 2008
repo
repo repo

repo —— SLR——2013
repo 1 5% repo

50
 repo

repo

repo

repo (1) repo (2) repo. repo

54% 1.5 repo 46% 1.3

repo
repo

repo

(GCF)repo DTCC
FICC /

55 repo

/ ——

/ —— / FICC——

repo

51
 repo
repo
repo repo

repo
/ repo
repo

56 repo
repo

——

repo /
repo (1) (2) repo (3)

1.
repo repo
repo

52
 LCR——
repo

SLR—— repo

NSFR——

repo
GSe20% 50%-60%.

2. repo repo

3. repo
repo
Digital Asset Holdings DTCC repo

repo 1 50 5%
SLR 500

20% repo / repo

2.8 repo 6,000
repo / repo
50%-70% repo 1.4-1.7 repo

57 1 repo
repo repo
60% repo 1

53
SLR 5% repo SLR
60% repo 10% repo
50

58 ROE 10% SLR 5% 60% repo

56
ROE GSe Repo

54
 repo repo
repo
/

3 (1) (2)
(3) repo repo
repo

55
 6 ——
20
6-8 1.1
1.3
5-6 3

1980

2015 2570 2014 3770 2013 4560

59

FICC —— & —— —— ——

Procensus

T+21

1.3% 10
1300 LSTA 2015 5900

56
 2.8 5

FATCA

2014 10 22 CLO •
(Dodd-Frank) 2016 CLO “
” CLO 5%. CLO 60
—— “ ”

60 CLO
CLO ——

LSTA

21

61 21

1.3
2.7

57
 5.5
8.9
14.4
19.4
21.1

Markit Loan Settlement. 2014 461,000

(ESP) ESP

ESP

ESP

(SDC) SDC ——

SDC SDC

LSTA
2016 5 4 LSTA “ ”
T+6 (1) (2) T+7
LSTA
2016 7 18 “ ”
LSTA T+7

T+21

62 21 7
VS
61——
T+0
1

58
3
7 SDC SDC
“ ” BC A&A SDC

Markit Loan Settlement LSTA

63

1.3

2.7 ——
1 ESP

5.5
T+1

8.9

14.4
SDC
SDC

19.4 1 1
3

LSTA

1.3 (1) ESP (2)

ESP

1.4
ESP T+0 1 ESP.

2.8
T+1.

3.4

59
 5.5 (SDC)

SDC

5
FATCA. FATCA

3 1.1
1.3 5-6

LSTA 2015 5900 (1) 1.3%

(2) 100% (3) 10% (4)
20%. 2016 2 459 1.2
1200

64 2015 5910

LSTA

2015 1.5 2015

1.5 5910

65 ——
—— ——

60
 ROE. ROE
10% 1.5 10%
4 2012 1 ROE 9%
ROE 10% 3 21
2200 ROE 14% 3100 14% ROE
10% 21 6
1.1

66 ROE 10% 21 6 1.1

VS ROE

55 225bps
8250 20+ 7 2900
5500

61
67 5500

5,500

(bps) 225

20

82.5

28.9

53.6

30% 1.3
1800

68 2016

—— ——

69

—— ——

62
 Haver LSTA

2015 9

“ ” 7

63
 7 “ ”
(AML)
——
“ ”
30-50

100
2-3.5
3%-5% GDP
1%
180 2014 80
“ ” “ ”

70
+ 2009-2014
- -

64
 “ ”
“ ” (CDD)
“ ”
“ ” 15,000 50,000

2% 5%
99.9%.

——
60

——
80%.

71

100
77%
23%

80
61%
21%
18%

“ ”

65
 2%-5% 99.9%

72

• “ ”
•
ID
•
•

•
•
• 3%

•
•
•

66
 “ ”
“ ”
“ ”

“ ” ——
“ ”

30-50

——
—— 25
+

“ ” 10%
1.6 “
”

“ ”

“ ”
30%, 14

30%, 4.2
20% 4-5

73 25
VS
- - - -

67
 74
VS

47% 42%

23% 31%

16% 14%

14% 13%

68
 2014 80
“ ”
——
10% 40%——
5-25

75 5-25
VS

76 30-50

Actimize Mantas Prime Associates ACI Worldwide SAS Institute Infrasoft.

69
 “ ” /

ABA

70
Digital Asset Holdings.
Digital Asset Holdings Digital
Asset 15 6000
Digital Asset / DTCC
Digital Asset 2014

R3 CEV.
R3 CEV R3 40
R3
R3 CEV 2014

itBit/Bankchain.
itBit Bankchain
itBit itBit 2013
3000

Tradeblock/Axoni.
Tradeblock / 2016 Axoni Tradeblock
Tradeblock 2013 300

Chain.com.
Chain Chain /
Chain 2014
3000

Ripple.
Ripple

Ripple 2012 4000

TransActive Grid.
TransActive Grid LO3 TransActive Grid

71
 ASX

ASX
ASX

ASX 17.5X CY16E EPS 12 39.10

/

ASX ASX
Digital Asset Holdings ASX 5% CHESS
ASX 6-12 2017
ASX
40-50 ASX
/AGM

IBM

IBM

IBM 10X 2017E EPS 12 150

IBM IT
IBM IBM Linux Foundation Hyperledger

ACN

5 19
& &

19X 2017E EPS 12 119 SaaS

72
Digital Asset Holdings Linux
Foundation Hyperledger
FinTech Innovation Lab

Visa V

Visa Visa VisaNet

Visa
Visa Visa Electron PLUS Interlink

Visa 28X 2017E EPS 12 97

DocuSign Visa
Epiphyte Visa
Visa Chain R3

MsaterCard MA

MasterCard MasterCard
MasterCard Maestro Cirrus.

MasterCard 28X 2017E EPS 12 122

MasterCard Digital Currency

NDAQ

4 ——
——

15.5X 2017E EPS 12 65

73
 NASDAQ Linq NASDAQ Private
Linq
NASDAQ Linq NASDAQ
NASDAQ Chain.

BK
29 1.6

13

12.8X 2017E EPS 12 48

BK IT BK
APP R3 Hyperledger

STT
27 2.3

12.0X 2017E EPS 12 63

3 R3

Hyperledger

NTRS

& (C&IS) 6.2

9000

15.8X 2017E EPS 12 82

-
- R3

74
Overstock.com OSTK
Overstock.com

2014 Overstock.com T? T?
Overstock
Overstock.com

77 1

C
BitFury 2011 2015.7.19 20 60

A
BlockStream 2014 2016.2.3 55 76

B
Chain.com 2014 2015.9.15 30 43.7

C
Circle 2013 2015.4.15 50 76

Civic 2015 2016.1.27 2.8 2.8

Digital Asset B
2014 2016.1.25 50 60
Holdings

Factom 2014 2015.12.15 1.1 3.0

A
Gem 2014 API 2016.1.15 7.1 7.1

Hyperledger
2015 -- -- -- --
Project

Bankchain A
itBit(BankChain) 2012 2015.5.15 24 32.5

Onename 2014 2014.11.16 1.3 1.5

75
 40
R3(R3CEV) 2014 -- -- -- --

A
Ripple 2013 2015.5.15 32 34.8

SETL 2015 -- -- -- --

Shocard 2015 2015.7.15 1.5 1.5

Symbiont 2015 2016.1.16 7 7

Tradeblock(Axoni) 2013 2014.7.15 2.8

Axoni

P2P
Transactive Grid 2015 -- -- -- --

TechCrunch

78 1

21, Inc 2013 2015.3.10 116 121

A
Abra 2014 2015.9.10 12 14

Align A
2014 2015.11.15 12.5 12.5
Commerce

BitAccess 2013 ATM 2014.7.16 1 11

Bitex.la 2014 2014.1.15 2 2

C
bitFlyer 2014 2016.4.25 27 14

A
BitGo 2013 2014.9.4 12 12

A
Bitnet 2013 2014.10.20 12 14.5

A
BitPay 2011 P2P 2014.5.13 30 32.5

76
 A
BitPesa 2013 2016.2.29 1.1 1.1

Bitso 2014 2016.4.28 1.9 1.9

A
Bitstamp 2011 2013.12.17 10 10

B
Bitt 2014 2016.4.2 4 5.5

A
Bitx 2013 2015.12.8 4 8.8

A
Blockchain 2011 2014.10.7 30 30

API
BlockCypher 2013 2014.1.5 3.1 3.1

A
BTCC 2011 2013.11.18 5 5

A
BTCjam 2013 P2P 2015.10.29 1.9 9.2

C
Coinbase 2012 2015.1.20 75 106.7

CoinJar 2013 2015.2.23 0.7 1.1

A
Elliptic 2013 2016.3.20 5 7

A
GoCoin 2013 2014.3.26 1.5 2.1

A
Korbit 2013 2014.8.25 3 3.5

B
Kraken 2011 2016.4.13 6.5

A
OKCoin 2013 P2P 2014.3.16 10 10

Purse 2014 2015.12.7 1 1.3

ShapeShift 2014 2015.9.8 1.6 2.4

77
 A
Simplex 2014 2016.2.15 7 8

Snapcard 2013 2015.12.24 1.5 4.5

A
Xapo 2012 2014.7.8 20 40

A
Zebpay 2014 2016.1.6 1 1.1

78
79