1 A ‘single CSD access point to multiple market information AECSD Conference 9 September, 2010 Dan Kuhnel, Director, New Issues & Fixed Income Securities Euroclear

2 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

3 A buying power market… with multiple, fragmented business models DOMESTIC MARKETS INTERNATIONAL INVESTORS Local CSD ICSD Regional custodian Global custodian

4 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

5 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

6 …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

7 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

8 Canada Argentina USA Mexico Belgium Finland France Czech Republic Hungary Denmark Germany Greece The Netherland s Norway South Africa Italy Ireland 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 links Worldwide coverage

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