The primary components of Euroclear Bank's tariff cuts will be implemented in two phases.

Effective 1 January 2009, Euroclear Bank will reduce safekeeping fees on international securities (Eurobonds). In addition, for clients to benefit from more settlement fee savings, volume discounts will be determined based on their aggregated settlement volumes across all of their offices and entities settling transactions with Euroclear Bank. This concept is already used for Euroclear Bank clients to take advantage of the highest volume discounts when determining safekeeping fees.

In April 2009, Euroclear Bank will cut safekeeping fees for Asia-Pacific, Canadian and US domestic debt and will introduce even more competitive volume-discount scales. Euroclear Bank will also reduce its tariff for crossborder transactions involving Belgian, British, Dutch, French and Irish domestic securities.

Tariffs for other selected services will also be reduced throughout the year. Savings to Euroclear Bank clients will also result from the launch of Euroclear's processing solution (ESES) for the Belgian, Dutch and French markets.

Frédéric Hannequart, Chairman of Euroclear Bank, commented: "In line with Euroclear's ongoing commitment to reduce post-trade costs and our financial strength to do so, even during times of market turmoil, we continue to share economies of scale with clients through permanent tariff reductions. As a result, it is increasingly cost effective for clients to grow their business with Euroclear Bank."