Company Pitch by Block State at the NOAH Conference 2018 in London, Old Billingsgate 30-31 October 2018.

1. Blockchain Infrastructure for
Financial Institutions

2. Three Conferences, One Mission: Empower the European Digital Ecosystem
To provide a physical marketplace
that facilitates funding of
digital European companies
at all stages
Mission Mission Mission
To promote Israel - European
relationships and enable funding
To bring together future-shaping
executives and investors active
across segments driven
by digital revolution
Connecting
Capital with
Entrepreneurs
Connecting European
Champions
and Challengers
Connecting Israel’s Startups
with Large Corporates
and Investors
30-31 October 2019
Old Billingsgate, London
13-14 June 2019
STATION Berlin
9-10 April 2019
Hangar 11, Tel Aviv

3. ©2018BlockState
2
Evolution of Securitized Assets
Financial Infrastructure is driven by the desire to enable efficient and frictionless financial markets
Paper based
Decentral clearing & settlement
Dematerialized
Central clearing & settlement
Tokenized
Decentral clearing & settlement

4. 3
Blockchain Infrastructure for Financial Institutions
Enabling financial institutions to operate Blockchain based financial products
Applications
• Asset management products
• Equities & Debt
• Derivatives
Clients
• Asset Managers & Funds
• Investment Banks
• Issuers (SSAs & Corporates)
One-stop modular solution for the
issuance and maintenance of
regulated tokenized financial products
Product

5. 4
Efficiency and
cost savings
New clients &
revenue streams
Modular Technology and Legal Stack
We offer a holistic solution tailored around our customers needs
Interoperability
Fast integration

6. 5
Product Example: Distributed Ledger Bond
We accommodate all essential elements of the formation and performance phase
Issuer Investment Bank
Bond Module capabilities:
• Documentation
• Issuance
• Settlement
• Paying Agent
• Calculation Agent
• Secondary market facilitation
• Corporate Actions and LM
• KYC/ AML
©2018BlockState
Investor
Bond Smart
contract
Issuer Wallet Investor Wallet
Bond Interface
Stable coin
FIAT accounts

7. 6
No investment in new infrastructure Legacy IT result in high costs Potential to save billions
85-90%
50-70%
EUR 300mn
Lack of Technology Investment by large Financial Institutions
IT budget is primarily spent on maintenance, although huge potential cost savings are identified
of Investments Banks´ IT-
budget is spend on
maintenance
of personnel budgets are
spent on middle and back
office
Average spend on IT
infrastructure Tier 1 bank
Potential savings today
identified by JP Morgan
and Accenture using
blockchain technology
Potential savings 2022
identified by PWC using
blockchain technology
EUR 12Bn
EUR 20Bn5-10%
of operating income spent
on IT infrastructure

8. ©2018BlockState
7
Market Size and Industry Segmentation
Majority of Financial Institutions have no proprietary DLT solutions
1-5%
Tier 1 “Driver” Tier 2 “Partner” Tier 3 “Client”
4-10% 85-95%
Proprietary DLT technology.
Launch products/ change
infrastructure <12 month.
DLT part of corporate strategy. Use
cases are implemented and
validated by business lines.
DLT not part of corporate strategy
Will need to buy to remain
competitive.

9. Launch Digital Asset
Management
©2018BlockState
8
Industry Revenue Potential and Targets
Roll out of Verticals and Geographies
Digital Asset
Management (Q4 18)
Derivatives
(Q4 19)
Equities and
Bonds & Loans (Q1 19)
EUR 100 MN revenue target in 2020 EUR 80 MN revenue target in 2020EUR 180 MN revenue target in 2020
Regulatory approval VQF/
Crypto Asset Management
Bond integration with partner Internationalization New business lines
Derivatives MVP launch
Q1
2018
Q3
2018
Q4
2018
Q1
2019
H2
2019 2020 2021 2022
Incorporation

10. www.blockstate.com
Join us on our mission
to change the financial
world.
©2018BlockState

11. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
25+ successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
December 2014
October 2014 May 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE
October 2016
July 2018
December 2016
®
The NOAH Advisors Core Banking Team
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
Exclusive Financial Advisor to
PromoFarma and its shareholders
Financial Advisor to Silver Lake
Investment in
by
September 2018
August 2017
Financial Advisor to 10bis and its shareholders
Financial Advisor to EMK Capital
Acquisition of a Majority Stake in
by
at a valuation of $200m
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Analyst
Lukas Schlund
Analyst
Sale of 100% in
to
Sale of 100% in
for €135m to
10Bis