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Euroclear’s Deputy CEO Combes to Retire in 2010

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Euroclear announces today the planned retirement of Ignace Combes, deputy CEO of Euroclear, by mid-2010 at which time he will reach his contractual retirement age of 60 after a 34 year career with JPMorgan and Euroclear, most of which was at Euroclear.

Combes became the first deputy CEO of Euroclear Bank upon its creation in 2001 and deputy CEO of Euroclear when it was established in 2005. He joined Euroclear in 1976 when it was operated by Morgan Guaranty Trust Company of New York and has held numerous, increasingly senior positions in Euroclear’s Commercial, Corporate Strategy, Product Management, Banking and IT divisions over the years. During this time, Euroclear’s operational and technical resilience, breadth of products and services, client service quality, pipeline of innovative developments and geographic expansion have strengthened Euroclear’s position as the leader in its field.

Pierre Francotte, CEO of Euroclear, commented: “Very few executives have contributed to the success of their company with as much impact and in so many business disciplines as Ignace Combes has accomplished at Euroclear. Ignace’s tenure at Euroclear represents a lifetime of achievements and commitment to an organisation that has grown and prospered thanks to his contribution. Not only has Ignace been instrumental in building Euroclear as the industry leader, he also has contributed to the development of the post-trade industry itself, working very closely over the years with market participants within both the trading and post-trading sectors for the benefit of the market. His legacy to our industry, therefore, is all the more impressive.”

Commenting on his plans for retirement, Combes said: “It is in the interest of an orderly succession plan for the management of the Euroclear group that I want to announce my retirement plans early. I will be leaving a very strong pool of accomplished talent at Euroclear with a zealous drive to succeed. Together, we have delivered meaningful change to the post-trade business, setting solid foundations for the future. I truly value having had the opportunity of working in two world-class institutions – Euroclear and JP organ – and to be at the forefront of change in our industry and in Euroclear’s evolution. Working closely with clients, Market Advisory Committees, board members and regulators, to name a few, and in establishing Belgium as a centre of excellence in financial transaction processing as Chairman of TransConstellation, have been highly rewarding experiences. When I retire from Euroclear, rather than pursuing career opportunities in a similar capacity elsewhere, I plan to leverage my experience within and outside the financial industry as a member of the board of companies where I can bring value and by helping start-up companies.”

Nigel Wicks, chairman of Euroclear, said: “Ignace Combes, during his nearly 30 years with Euroclear, has played a key role in building Euroclear into the successful and vibrant company it is today. His unrivalled knowledge, business acumen and experience in every aspect of our industry have proved invaluable to the company. The board wishes to pay tribute to Ignace and is most grateful to him for his great contributions sustained over many years. We will all miss Ignace’s enthusiasm and characteristic humour, and sense of fun. We wish him well in his retirement from the company, which is due to take place in the middle of next year.”

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