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Euroclear Bank

10 Jun 2005

Euroclear Finance 2 SA Euro 300,000,000 Fixed/Floating Rate Subordinated Guaranteed Non-Cumulative Perpetual Securities.

We have been appointed as trustee for Tier 1 issue for Euroclear Bank. The securities are issued by Euroclear Finance 2 SA, in Luxembourg, and guaranteed on a subordinated basis by Euroclear Bank SA/NV in Belgium, and the funds raised will be utilised to acquire securities issued by the Guarantor to provide Upper Tier 2 regulatory capital.

The appointment follows on from our longstanding relationship with Euroclear Bank.

Corporate Trust

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