Contacts David Sproul Harvey Lewis Senior Partner and Chief Executive Director of Insight +44 (0)20 7303 6641 +44 (0)20 7303 6805 [email protected] [email protected] Vimi Grewal-Carr Alexander Shelkovnikov Managing Partner for Innovation Senior Manager, Corporate Venturing and Blockchain Lead +44 (0)20 7303 7859 +44 (0) 20 7303 8895 [email protected] [email protected] Stephen Marshall Tyler Welmans Partner Senior Manager, Blockchain Lab +44 (0)141 304 5743 +44 (0) 20 7303 5653 [email protected] [email protected] Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is the United Kingdom member firm of DTTL. This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication. © 2016 Deloitte LLP. All rights reserved. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 2 New Street Square, London EC4A 3BZ, United Kingdom. Tel: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 1198. Designed and produced by The Creative Studio at Deloitte, London. J3980