The architecture working deck behind document 03.2, slide by slide: secondary trading, DvP settlement, cross-chain movement, redemption, operational controls, the KCS architecture position, the end-to-end workflow map, and the open design questions. The written analysis of every page is in document 03.2.

Slide 1 of 9: Secondary trading Slide 2 of 9: Settlement, delivery versus payment Slide 3 of 9: Interoperability and cross-chain movement Slide 4 of 9: Redemption and fiat payout Slide 5 of 9: Operational controls Slide 6 of 9: Strategic architecture position Slide 7 of 9: End-to-end workflow Slide 8 of 9: Core unresolved questions and operational recommendations Slide 9 of 9: Assumptions, open questions, recommendations

Prepared for approved data room members. KCS architecture working deck, June 2026. View only; not for distribution.