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A ‘single CSD access point to multiple market informationAECSD Conference9 September, 2010

Dan Kuhnel, Director, New Issues & Fixed Income SecuritiesEuroclear

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•Mergers/acquisitions of central securities depositories

•Euroclear now covers…..►two-thirds of blue-chip equities in Europe►50% of European domestic debt►60% of eurobonds worldwide

•In 2009, Euroclear …. ►settled EUR 514 trillion of securities transactions►representing 180 million transactions►held EUR 20 trillion in assets for clients►covering 41 markets and 53 currencies

Euroclear today

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A buying power market…with multiple, fragmented business models

DOMESTICMARKETS

INTERNATIONAL INVESTORS

Local CSD

ICSD

Regional custodian

Global custodian

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Euroclear’s Single Platform objectives

• A single point of access to the Euroclear group for clients to manage all of their activity through a new communication interface (CCI)

• Increased efficiency of corporate action and custody-related processing due to harmonisation and standardisation - removal of paper in favour of electronic flows

• Internalisation of settlement for Euroclear group securities with any counterparty within the Euroclear group to improve settlement efficiency and reduce credit needs

• Pooling of assets for collateral management purposes

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Key benefits of Euroclear’s Single Platform

• …for investors

• Improved service levels, including better timeliness and accuracy of information for corporate actions and income events

• …for issuers

• Increased investor satisfaction

• Attractive and competitive issuance and settlement model to expand the investor base and support a continuously growing international market

• Better servicing and increased operational efficiency through standardisation and STP, leading to reduced cost and risk

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• …for intermediaries

• Improved service levels for investors and issuers

• Better cost controls in a volume-increasing and complex environment

• Better risk controls through increased efficiency, standardisation and STP

Key benefits of Euroclear’s Single Platform

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Key features for CSDs

• When ready and equipped….

► Easy access to foreign investors► More trading counterparties for local securities professionals► Move to international standards of transaction processing► Growth opportunities

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Canada

Argentina

USA

Mexico

Belgium

Finland

France

Czech Republic

Hungary

Denmark

Germany

Greece

TheNetherland

s

Norway

South Africa

ItalyIreland

Luxembourg

Slovakia

Portugal

Russia

Spain

Switzerland

The United Kingdom

Sweden

Dubai

Israel

Romania

Poland

Slovenia

Austria

Australia

Indonesia

Malaysia

Thailand

Japan

New Zealand

Korea

Singapore

Hong Kong

Philippines

Euroclear Bank - domestic market CSD linksWorldwide coverage

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