1

Euroclear Investor Day

March 2019

2

Disclaimer

The information, statements and opinions expressed in this presentation (the “Content”) do notconstitute and shall not be deemed to constitute: (i) any offer, invitation or inducement to sell asecurity or engage in investment, financial or other similar activity; or (ii) a solicitation of an offer to buyany security; or (iii) any recommendation or advice in relation to any investment, financial or otherdecision. Persons considering making any investment or financial decision should contact theirqualified financial adviser. The Content may include forward looking statements, in particular, in

relation to future events, growth, future financial performance, plans, strategies, expectations, aims,prospects, competitive environment, regulation and supply and demand. Such statements containinherent risks and uncertainties and actual outcomes may differ materially from those expressed orimplied by forward looking statements. To the maximum extent permitted by law, no warranty orrepresentation including, but not limited to, accuracy or completeness (express or implied) is made inrelation to the Content, including, but not limited to, any projections or statements about the prospectsof Euroclear. Euroclear makes no commitment to update Content and expressly disclaims, to theextent lawful, liability for any errors or omissions in it. The Content is not directed at, or intended fordistribution to, or use by any person or entity where such distribution or use is restricted by law orregulation. Persons into whose possession the Content comes should inform themselves about andobserve any such restrictions. Past performance, historic financial information and/or historicdistributions should not be taken as an indication of current or future performance, results ordistributions.

The 2018 consolidated financial information included in this presentation is audited and based onEuroclear Holding SA/NV consolidated figures as of 31 December 2018. The audited consolidatedfinancial statements of Euroclear Holding SA/NV for the year ended 31 December 2018 will besubmitted for approval to the annual general meeting of shareholders of Euroclear Holding in May2018 and will be filed in accordance with applicable requirements under Belgian law.

3

Excellent 2018 performance; strategy is

delivering; increased dividend

2018 corporate evolutions delivered successfully

Governance reforms underway

Shareholder liquidity initiatives progressing

Chairman’s Introduction

4

Agenda

1. Annual Performance Update

• Revenue growth driven by strategy & market conditions

• Costs stable, as planned, despite ongoing investments

• Full year profit ahead of expectations

2. Business & Strategic Highlights

• Uniquely positioned at centre of global financial markets

• Low risk business model with AA/AA+ rating and consistent through the cycle

performance

• Well placed to take advantage of secular growth, rising interest rates and create

value for shareholders

3. Questions & Answers

Annual Performance Update

6

Excellent 2018 Performance - Highlights

Record Financial Performance

Enhanced Customer Proposition

Launched Single CSD service as gateway to Eurozone securities

Investing in core systems, enhanced resilience and meeting CSDR

requirements

Collateral: Growth and First Place in Global Custodian Tri-Party Securities

Financing survey

Strengthened Financial Position

Successfully completed debt issuances

Capital and liquidity position enhanced

Prepares Euroclear ahead of incoming regulatory needs

EPS

+21%1

Revenue growth driven by strategy & market conditions

Costs stable, as planned, despite ongoing investments

Full year profit ahead of expectations

€3.7 BillionShareholders’

Equity

1 Based on EPS for 2018 and adjusted EPS for 2017. Refer to slide 33 for further details on adjustments

7

€814m Operating Expensesstable

Record Financial Performance in 2018

Financial Highlights

• Open-architecture model and

strategic initiatives driving solid

business income growth

• USD interest rate rises resulting in 39%

yoy growth in Banking and Other

income

• Operating costs stable versus 2017,

despite ongoing regulatory-driven,

cyber security, growth investment and

cost of group restructuring

• Business Income Operating margin1

increased 3 ppts, to 25%

€ 1,079m Business Income €102.3 Earnings Per Share

+4% +21%

€m 2018 2017 Y-o-Y

Net Operating Income 1,335 1,223 9%

Business Income 1,079 1,039 4%

Interest, Banking & Other Income 256 184 39%

Operating Expenses (814) (809) -1%

Share of Results (7) (10) 32%

Operating Profit Before Impairment* 514 403 27%

Provisions 0 5

Operating Profit Before Impairment 514 408

Impairment (29) (1)

Tax (163) (171)

Net Profit 322 236 36%

*excl. Provisions

EPS (€) 102.3 84.6 21%

Note: Based on audited 2018 Euroclear Holding SA/NV consolidated figures; all full year 2018 figures are compared to the full year 2017 figures of Euroclear Plc (unless otherwise indicated).

1. Operating margin (excl. Interest, Banking & Other income) defined as (Business Income less Operating Expenses) / Business Income.

8

1,032

1,150

1,229

2016 2017 2018

196

215

230

2016 2017 20182016 2017 2018

Debt Equities

Business Income Growth Following Strong Market Activity

Across Business Drivers

Assets under Custody

€ Trillion – Yearly Average

28.427.1 28.8

Netted Transactions

Number of transactions (million)

Collateral Outstanding

€ Billion – Yearly Average

• Fixed income resilience combined

with volatility on the equity side

• Record level of transactions settled

in 2018 equivalent to €791 trillion:

approximately 10 x Global GDP

• Regulatory / industry requirements

driving a strong evolution of

collateral outstanding

9

Transaction

Volumes

31%

Equities

Value

19%

Fixed Income Value 50%

794 795814

95 113 126110 131 139

2016 2017 2018

Core Global & Emerging Markets Collateral Management

Progress on Strategic Initiatives

Business Income Growth Across Core and Growth Areas

2018 Business Income

Eurobond

and

European

assets

63%

Funds 12%

Collateral

13%

Global &

emerging

markets 12%

Core – 75%

Business Lines

Core

Global &

Emerging Markets

Collateral Management

• Launch of Single CSD access to T2S, a gateway

to Eurozone liquidity for international investors

• Continue to invest in core systems, enhance

cyber resilience and meet the requirements of

CSDR

• International ETF structure continues to gain

traction

• Strong pipeline of emerging markets who are

attracted by being ‘Euroclearable’ to facilitate

international investment

• Client feedback on collateral management

solutions highly positive

• Strong position in the OTCD business and further

expanding on Triparty repo

19%

19%

0%

9991,039

1,079

Business Lines Track Record

6%

12%

2%

Str

en

gth

en

N

etw

ork

Gro

w N

etw

ork

4% Total Growth p.a.

Market Drivers

10

• Interest rate rises in USD combined with increased

deposit balances underpinned strong cyclical growth in

Banking Income

• Interest rates in Eurozone remain negative

• Interest income up despite additional charges linked to

new liquidity lines required in light of CSDR compliance

Interest Rate Evolution

USD Rate Rises Led to Increase in Net Interest Income

102

133

163184

256

0

50

100

150

200

250

300

2014 2015 2016 2017 2018

Interest, Banking & Other Income

+39%

-0.36% -0.40% -0.40% -0.40% -0.40%

-0.40%

0.30% 0.25% 0.33%0.50%

0.71%0.50%0.52%

0.92%

1.27%

1.66%

2.15%

H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018

Average central bank's interest rate

EUR (ECB) GBP (BOE) USD (FED)

20.1 25.3 18.1 17.1 20.1Average Deposits (€bn)

Deposits Currency Split

USD

48%

EUR

27%

GBP

7%

Other

18%

11

Operating Expenses Growth Slowed in 2018

• Costs stable compared to 2017, as previously

anticipated, including those related to the

group restructuring

• Investments represent 20% of cost base and will

continue at this level

2018 Operating Expenses In-line with 2017, Despite Continued Investments

(€million)

678

722

778

809 814

2014 2015 2016 2017 2018

12

Strong balance sheet with good liquidity

• Debt Securities Issued & Funds borrowed reached€4,956 million of which €3.7 billion debt securities

raised in the group in the course of 2018

• Euroclear Investments completed a dual

tranche debt issuance of €700 million in April

2018, on top of €600 million issued in 2016

• Out of this total €1.3 billion, €900 million was

used to provide additional recovery

capacity, ahead of increasing regulatory

requirements

• Euroclear Bank established Medium TermNote and Certificate of Deposits programs

during 2018. Out of such programs, the Bank

issued a total of €3 billion equivalent. These

funds enhanced liquidity as required by

incoming regulations

• Shareholders' equity up to €3,839 million on

accumulated profit, before 2019 interim dividend

payment

Euroclear’s Strong Balance Sheet Ahead of New Regulatory Requirements

Euroclear Holding Balance Sheet (€m) 2018 2017

Cash and balances with central banks 4,536 3,583

Loans and advances 14,540 11,493

Financial Assets 7,434 5,363

Goodwill and intangible assets 992 1,012

Other assets 632 557

Total assets / Liabilities 28,134 22,008

Deposits from central banks 540 900

Deposits from banks and customers 17,944 15,986

Debt securities issued and funds borrowed 4,956 595

Shareholders' equity 3,839 3,671

Other Liabilities 855 856

13

Delivering Increasing Returns for Shareholders

€/share

Earnings per share1

1 Based on EPS for 2018 and adjusted EPS for 2017 - conservative as the 2018 EPS of 102 is not adjusted for the negative impact of an IT write-down which would have increased the EPS to an adjusted 109.

Refer to slide 33 for further details on adjustments. 2. Return on Equity is calculated as the net profit of the year divided by the average shareholder equity pre dividend distributions, as reported in the year-end

financial statements. 3. Indicative dividend. As a consequence of the group restructuring, this year the Board is not recommending to shareholders to approve the payment of a dividend at the Annual

General Meeting as part of the usual yearly profit allocation process. Instead, the Board envisages approving the payment of such a dividend in the fourth quarter of 2019 under the form of an interim

distribution, in accordance with the Belgian Companies Code and Euroclear Holding SA/NV's Articles of Association.

€/share

Dividend per share3

%

Return on equity2

78.6

87.083.7 84.6

102.3

2014 2015 2016 2017 2018

31.5

36.3 37.039.0

55.0

40% 40% 40%

52%54%

30%

40%

50%

60%

70%

80%

2014 2015 2016 2017 2018

Dividend per share

Dividend payout (DPS/Net Profit Per Share)

8.7% 8.7%

7.7%

7.5%

8.6%

2014 2015 2016 2017 2018(Indicative)

Business & Strategic Highlights

15

Business & Strategic Highlights

Expect to maintain Business Income growth trajectory and expand

operating margin over next 5 years whilst maintaining AA / AA+ rating

Low risk business model with AA/AA+ rating and consistent through

the cycle performance

Well placed to take advantage of secular growth, interest rates evolution

and create value for shareholders

Uniquely positioned at centre of global financial markets

16

Venue neutral and

open architecture

Regulated as

systemically important

market infrastructure

Global collateral and liquidity optimisation

Risk reduction

Cost & process efficiency Investment banks

Custodians

Central banks

Exchanges

CentralCounterparty

Clearing

Issuers

Central

Securities

Depositories

A Virtuous Circle of Value that Creates a Self-

Reinforcing Global Collateral and Liquidity Hub

Open model, positioned at the centre of

the global financial market

ecosystem

Unique Position

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Uniquely Positioned at the Centre of the Global Post-

trade Market

1. Industry positioning

A trusted leader in post-

trade services

Creating a global network

with strong industry

positions

Facilitating efficient

financing in the capital

markets

• Systemically important infrastructure, at centre of global markets

• Global provider of asset servicing, transaction settlement and collateral management across all asset types

• Single access point to post-trade services

• International Central Securities Depository (€13tn of assets) and 6 Central Securities Depositories (€15tn of assets)

• Focus on risk reduction while increasing process efficiency, optimising collateral mobility, and providing access to liquidity

• Operating understrong regulatoryoversight

• Supporting financial market participants in meeting evolving

regulatory requirements

• Open architecture approach serving global network of issuers, intermediaries and investors

• International client base includes:

2,000 financial institutions

100+ central banks

• 54% of clients headquartered in Europe, 32% in Americas and 14% in Asia

Unique Position

Connecting

2,000financial institutions

€ 791tnturnover

50%

European capital market securities1

60%

Eurobond holdings1

Connected to

50+major markets

€ 28.2tn assets held in custody

230m transactions processed

€ 1.2tn collateral posted

18

Low Risk Business Model with AA / AA+ Rating

1. Adjusted for Interim dividend expected in 2019, Tier 1 and Total solvency ratio should reached respectively 36.3% and 40.4% in Euroclear SA/NV. Eurobank figures are reported post profit allocation.

Importance of AA / AA+ RatingStrong Capital Position (2018)

Low Leverage

S&PAA

FitchAA+

1.5x

Euroclear

• Rating is a key element for our clients including such as Central

Banks

• Consistently strong and stable credit ratings

• Low operational, credit and market risk profile:

— No credit losses and de minimis operational losses through

the cycle

— >99% of credit extended to clients on a very short term,

secured basis

— Committed to business continuity and operational risk

management

Combination of high credit rating, low risk profile and solid capital ratio are critical to resilient and sustainable performance

2018 Net Debt / EBITDA

Low Risk

Debt issued with the sole

purpose to meet recovery

regulatory requirement

39.3% 42.0%43.4% 46.9%

Consolidated Euroclear SA/NV¹ Euroclear Bank

Tier 1 Ratio Total Solvency Ratio

• Strong ICAAP framework set at 99.98% confidence level

• Capital above ICAAP threshold providing additional buffer

19

Eurobond

and

European

assets

63%

Funds 12%

Collateral

13%

Global &

emerging

markets

12%

Diversified and Resilient Business Model with Strong

Performance Through the Cycle

1. Revenues, concerns securities depot.

Custodians

49%Investment

banks 42%

Central

banks 9%

EUR 64%

USD 14%

GBP 13%

Other 9%

Market DriversBusiness lines

Client segments Currency1

Consistent Business Income GrowthDiversified Business Model (2018 Business Income Split)

Equities

Value

19%

Fixed Income

Value

50%

Transaction

Volumes

31%

Low Risk

772

842 892 901 893

938

997 999 1,039

1,079

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

20

Well Placed to Take Advantage of Secular Growth

Trends and Interest Rates

Strengthen

Network

Reshape

NetworkGrow Network

• Safe, reliable,

independent market

infrastructure

• Well-positioned for a

changing regulatory

environment

• Ability to meet evolving

client needs

• Investment in cyber

• Bringing international

standards to local markets

• Connects issuers to large

international investor pool

• Addresses demand for

emerging markets

exposure

• Opportunities to

accelerate with emerging

technologies

• Ability to transform data

into valuable market

insights

• Potential to drive

operational efficiency

and processing power

ValueCreation

A B C

Eurobond, Euro assets and funds

Global & emerging markets Collateral Management Data & insights

• Regulation driving

demand for collateral

efficiency

• DTCC partnership

connects two important

global pools

Revenue Mix Outlook

Growth Outlook

~25%~75%

High Single Digit GrowthEuropean GDP

New Opportunity

Customer Focus Supporting Customers Growth in Financial Markets

Proven Customer Retention

Growing Customers Share of Wallet

Attracting New Customers

Client Proximity as a Driver of Steady Growth

21

Funds 12%

Eurobond

and

European

assets

63%

Plans to Strengthen Existing Network to Deliver

Growth in Core Business

Current Revenue Growth Drivers Positioning

Eurobonds and

EuropeanAssets

GDP led

• Cost pressure on industry

participants

• Robust growth driven by European and

global macro outlook

• Strong and stable position across equities

and fixed income

• Single-point of access with open

architecture model

• Ability to provide transparency and safety

in-line with evolving regulations

• Meet growing demand from clients for

automated, low cost solutions

Funds

GDP led

Fragmented market looking for

end-to-end efficiency

Increasing Pension Fund

growth

Fund distributors desire to

target global investor base

• Unregulated competition

• Cost pressure on industry

participants

• Provide centralised infrastructure model in

fragmented and inefficient industry

— New added value services

— New geographies

— Connectivity

• Industry growth driven by pension needs

• Benefits from open architecture model

• Unlock potential from supporting custodians’

evolving needs

Strengthen

Network

ValueCreation

22

Global &

emerging

markets 12%

Collateral

13%

With Increasing Contribution to Growth from New

Markets

Current Revenue Growth Drivers Positioning

Global and Emerging Markets

Emerging markets GDP

growth

Pipeline of new Euroclear

markets

• Geopolitical uncertainty

• Targeting higher growth markets

• Benefit from strong track record

• Global footprint, including Asia operations

hub

Collateral Management

Regulatory requirements

Increased complexity

drives industry need for

efficient solutions

Opportunity to expand

outside Europe

• Market fragmentation

reduces collateral

mobility

• Regulatory and industry requirements driving

demand for high quality collateral and

global collateral efficiency

• Growth in OTC collateral

• Customer desires to mobilise collateral across

geographic silos

Grow

Network

ValueCreation

23

Growth Drivers Positioning

Technology

• Opportunity to enhance cost efficiency

and quality of service

• Potential to deliver significant benefits in processing

• Currently at exploratory phase

• Potential to improve quality of service and offering through APIs and cloud based solutions

• Emerging technologies could accelerate operational efficiency

• Currently testing Robotics and Artificial Intelligence (AI) in Operations

Data &

Insights

Focus on transparency

Ability to bring insights from data

• Currently at exploratory phase

• Unlock potential in vast amounts of data which Euroclear currently manages

Reshape

Network

While Developing our Business with Data, Analytics

Emerging Technologies and InsightsValueCreation

24

Robust Strategic Plan

to Deliver Efficiency Improvements

(1) Excludes Interest and Banking income.

• Margin expansion driven by cost base

stabilisation

• Cost base expected to grow at inflation

• Efficiency initiatives and investments

expected to deliver margin expansion

• Stable level of investment at 20% of

total cost base going forward

ValueCreation

Investments in regulatory

infrastructure & cyber

security elevated cost base

Costs plateau in 2018,

leading to Business Income

Margin Improvement

Maintain Slower

Expense Growth

Business Income

Margin expansion

Maintain Business

Income(1) Growth

Trajectory +4%

Investment requirements led to

Margin Compression

2013 2017 2018 2023

Business

Income

Costs

Delivery of Strategic Plan Evidenced

in 2018

Expect to Further Improve

Operating Margin

Low to

Mid Thirties

26%

25%

22%Business

Income

Margin

Consistent Business Income

Growth Trajectory

25

Additional Revenues from Net Interest Income

1. Based on average deposit balance 2. Based on average yearly rate

Key DriversInterest and Banking Income

• Rates: Interest income cyclical in nature and highly correlated with interest rates

• Volumes: Larger balance sheet increases potential for Interest and Banking income, albeit clients are expected to manage closely their deposits in a higher interest rate environment

2007Euroclear Bank

Deposits – €7.5bn

2018Euroclear Bank

Deposits – €20.1bn

• +25bps USD increase impacts interest income by c.+€25m

• +25bps EUR increase impacts interest income by c.+€12m

Interest Rate Sensitivity

2.7x Increase

ValueCreation

Deposits Currency Split

USD

48%

EUR

27%

GBP

7%

Other

18%

Interest Rates

0

50

100

150

200

250

300

350

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Interest and Banking Income (€m) EB Deposit Balance (€bn)¹

(1.0)%

0.0 %

1.0 %

2.0 %

3.0 %

4.0 %

5.0 %

6.0 %

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

USA - Fed Funds Rate (%)²

GBP - Bank Rate (%)²

EUR - Deposit Rate (%)²

26

Resilient Historical Delivery and Dividend Growth

1. Indicative dividend. As a consequence of the group restructuring, this year the Board is not recommending to shareholders to approve the payment of a dividend at the Annual General Meeting as part of the

usual yearly profit allocation process. Instead, the Board envisages approving the payment of such a dividend in the fourth quarter of 2019 under the form of an interim distribution, in accordance with the

Belgian Companies Code and Euroclear Holding SA/NV's Articles of Association.

Earnings Per Share Dividend Per Share

31.536.3 37.0

39.0

55.040% 40% 40%

52%54%

2014 2015 2016 2017 2018

Dividend per share

Dividend payout ratio (DPS/Net Profit Per Share)

€/share€/share

78.6

87.083.7 84.6

102.3

2014 2015 2016 2017 2018 1

ValueCreation

(Indicative)

27

Expect to be Able to Continue to Deliver Attractive

Growth, Whilst Retaining AA / AA+ Rating

1. Excludes Interest and Banking income.

Business

income

Interest,

Banking and

Other Income

Business

Income

Operating

margin1

2018 5-Yr growth

€1,079m

€256m

25%

Maintain Historic

Growth Trajectory

Driven by

Balances and

Interest Rates

Low to Mid

Thirties

Rating AA / AA+Maintain

AA/ AA+ Rating

Questions & Answers

Appendix

30

Euroclear Holds a Unique Position in Financial Market

Infrastructure

.1 2018A y-o-y operating income growth. 2 2018A administrative expenses expected to be flat on 2017A. 3 2018A total payout ratio of 54% as an indicative proposal. As a consequence of the group restructuring, this year the Board is not

recommending to shareholders to approve the payment of a dividend at the Annual General Meeting as part of the usual yearly profit allocation process. Instead, the Board envisages approving the payment of such a dividend in the fourth

quarter of 2019 under the form of an interim distribution, in accordance with the Belgian Companies Code and Euroclear Holding SA/NV's Articles of Association.

Strategic and financial positioning as well as business outlook Makes Euroclear an attractive investment opportunity for a number of different constituencies

60 % €28.2trn

42 %

Bank:

AA/AA+

Investments:

AA-/AA

Eurobond

HoldingsAuC

CET1

Rating

Collateral management solutions

Funds servicing

Global Emerging Markets (LatAm, China)

Data and information solutions

A leader in global post-trade industry with

international client franchise

Well-positioned for future growth

Strong top-line, bottom-line and cash generation financial

profile

Low-risk and resilient balance sheet

underpinning business

6 CSDs serving 7 markets + 1 ICSD

Strengthen network

Expand growth initiatives

Explore innovation

Ability to further enhance efficiencies

and operations

Supported by robust levels of capital and

cash

230m

Transactions

Processed

€791trn

Turnover

Disciplined risk management

Limited leverage

Strong liquidity position

+ 9 %Growth

Stable

~ 54 % of Post-Tax

Profit

Operating Income¹ Expenses² Distribution³

31

Euroclear Leadership Team

Bernard Frenay

Chief Financial Officer

Frederic Hannequart

Chief Business Officer

Lieve Mostrey

Chief Executive Officer

Yves Dupuy

Chief Information Officer

Peter Sneyers

Chief Risk Officer

Marc Antoine Autheman

Chairman

32

Market and Industry Trends Provide Tailwinds for Growth

Trend Description

Regulations• ECB harmonisation agenda• Push for collateralisation of non-cleared OTC derivatives• Other ongoing regulatory initiatives (e.g. CRD IV, MiFID II, SDRT, EMIR)

Economic

drivers

• End of quantitative easing will reduce liquidity in EU financial

markets and increase demand for HQLA for collateral purposes

• Increased demand from investors for emerging market exposure• Low interest rates / higher growth in EU

Cost pressure

from clients

• Regulatory burden on clients (e.g. capital constraints)• Need for global collateral efficiency• Complexity requiring further automation

Issuers• Emerging market issuers increasingly interested in tapping

international investor pool to reduce borrowing costs

Demand for

transparency

and data

• MiFID II and Shareholder Rights Directive to increase transparency• Demand for data to increase liquidity and support business decisions

Emerging

technologies

• Cloud and API• Robotics and AI• Crypto currencies• Distributed ledger technology

Risk reduction

Cost and process

efficiency

Global collateral and

liquidity optimisation

33

Reported and Adjusted EPS Reconciliation

2014 2015 2016 2017 2018

Net Profit 281 293 298 236.0 322.1

Adjustments

License Termination - - (28.0) - -

DTA - - - 33.6 -

Adjusted Net Profit 281 293 270 269.6 322.1

Avg. Number of Shares 3.6 3.4 3.2 3.2 3.1

Adjusted EPS 79 87 84 84.6 102.3

34

Euroclear Investments – Summary Income Statement

2018 2017 Y-o-Y

Net Operating Income 134.0 2.6 5060%

Net Interest Income -2.4 1.7 -241%

Other Income 0.2 0.9 -76%

Div idend Income 136.2 0.0 n.a.

Operating Expenses (0.9) (1.7) -45%

Share of Results 0.0 0.0 n.a.

Operating profit before Impairment* 133.1 0.9 14678%

Prov isions 0.0 0.0 n.a.

Operating profit before Impairment 133 0.9

Impairment (56) 0.0 n.a.

Tax 15 (0.3) n.a.

Net Profit 92.4 0.6 14927%

*excl. Prov isions

(€ m)

35

Euroclear Investments – Summary Balance Sheet

(€ million) 2018 2017Variance

Actuals

Loans & Advances 71.2 323.3 -78%

Intercompany Loans 980.5 247.9 296%

Available-for-sale financial assets 173.8 0.0 n.a.

Current & Deferred income tax assets 6.9 0.0 68640%

Other Assets & Accruals 0.3 0.2 57%

Property Plant & Equipement 0.0 0.0 40%

Participations in group companies 637.2 637.2 0%

Total Assets 1,869.9 1,208.6 55%

Long Term Debt -1,300.8 -595.1 119%

Intercompany Borrowings 0.0 0.0 n.a.

Financial Liabilities held for trading 0.0 0.0 n.a.

Income & deferred tax liabilities 0.0 0.0 -100%

Other liabilities & Accruals 0.3 -0.3 -199%

Shareholders' Equity -569.4 -613.2 -7%

Total Liabilities -1,869.9 -1,208.6 55%

36

Euroclear Bank - Summary Income Statement

2018 2017 Y-o-Y

Net Operating Income 944 857 10%

Business Income 699 651 7%

Interest & Banking Income 239 161 48%

Other & Group Income 6 45 -86%

Operating Expenses -514 -513 0%

Share of Results 0 0 0%

Operating profit before Impairment* 431 345 25%

Prov isions 0 0

Operating profit before Impairment 431 345

Impairment (4) (4)

Tax (127) (103)

Net Profit 299 238 26%

*excl. Prov isions

(€ m)

37

Euroclear Bank – Summary Balance Sheet

€ million

end of year balance

Loans and advnaces to banks and customers 18,638 14,112 32%

Financial assets 6,521 5,076 28%

Goodwill and (in)tangible fixed assets 5 5 0%

Other assets/accrued income 242 220 10%

Total assets 25,406 19,413 31%

Deposits by banks and customers accounts 18,491 16,937 9%

Debt instruments issued 4,258 - n.a.

Other libilities/provisions 560 547 2%

Intercompany Borrowings - 200 -100%

Subordinated liabilities 202 - n.a.

Shareholders' equity 1,894 1,729 10%

Total liabilities and shareholders' equity 25,406 19,413 31%

2018 2017 %

38

Disclaimer

© 2018 Euroclear SA/NV, 1 Boulevard du Roi Albert II, 1210 Brussels, Belgium – Tel: +32 (0)2 326 1211 –RPM Brussels number 0423 747 369. Euroclear is the marketing name for the Euroclear System, EuroclearHolding SA/NV, Euroclear SA/NV and their affiliates. All rights reserved. The information and materialscontained in this document are protected by intellectual property or other proprietary rights. Allinformation contained herein is provided for information purposes only and does not constitute anyrecommendation, offer or invitation to engage in any investment, financial or other activity. We

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