Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

DBS Bank Ltd ("DBS"), JPMorgan Chase & Co. ("JPMC") and Temasek Holdings (Private) Limited ("Temasek") (together the "Parties") provide notification pursuant to Article 4 of the Council Regulation (EC) No 139/2004 (the Merger Regulation) that their respective affiliates have agreed to create an undertaking ("TechCo JV") that will own and operate a new electronic platform (the "Platform") using blockchain technology to support the clearing and settlement of inter-bank payments.

The Parties will acquire joint control of a newly created joint venture within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation.

The group business activities of the undertakings concerned are:

-- DBS – a multinational banking and financial services corporation, headquartered in Singapore. DBS provides services in consumer banking, wealth management and institutional banking. Additional information on DBS is available at www.dbs.com.sg.

-- JPMorgan Chase & Co. – an American investment bank and financial services holding company incorporated under the Laws of Delaware, and a global financial services firm. It is a banking institution, with operations world-wide. JPMC provides services in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Information about JPMC is available at www.jpmorganchase.com.

-- Temasek – an investment company headquartered in Singapore. Temasek's portfolio covers a broad spectrum of industries: financial services; telecommunications, media & technology; transportation & industrials; consumer & real estate; energy & resources; life sciences & agribusiness. As a matter of long-standing governance policy, Temasek does not direct the business decisions or operations of its portfolio companies. Additional information on Temasek is available at www.temasek.com.sg.

-- TechCo JV – a private limited company incorporated under the Laws of Singapore. TechCo JV will own and operate an electronic platform using blockchain technology to support the clearing and settlement of inter-bank payments. The expected geographic scope of TechCo JV's activities is global.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.

For the sake of completeness, the Parties submit that the control analysis under Regulation does not have any implications on United States banking regulatory analyses.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.