CLS Group Plans for the Future.

LONDON & NEW YORK -- New Chairman and Deputy Chairman for CLS Group; Executive Succession Plan Announced

CLS Group today announces that Mark Garvin has been elected as the new Chairman of the Board of Directors of CLS Group and CLS Bank International ("CLS Bank") - the world's first simultaneous and irrevocable global multi-currency settlement system. He succeeds Fritz T. Klein, who has chaired the CLS Group and CLS Bank since June 2003, and has served the maximum eight years as a Director of the Group. Succeeding Mark Garvin as Deputy Chairman of CLS Group and CLS Bank will be Gerard Hartsink.

"CLS Group has benefited significantly from the leadership that Fritz Klein has provided during the important and exciting post-launch period for CLS Bank," commented Mark Garvin, Chairman of CLS Group and CLS Bank. "The Group has made significant steps forward in all areas of our activity during this time. It is this success that has enabled us to look at ways we may develop and enhance the service that we deliver to our Members and the industry. Fritz Klein has been at the forefront of determining the direction the Group will take in the coming years, and on behalf of CLS Group I would like to express deep appreciation and thanks for his contribution as Chairman, and also for the eight years as a Director, during which he played a significant role in the formation and development of CLS. We wish him well for the future."

CLS Group also announces that in accordance with the Group's governance structure and as part of a planned succession strategy, Joseph De Feo will be retiring from his positions as Chief Executive Officer of CLS Group and President and Chief Executive Officer of CLS Bank on 31 December 2005. He will remain a director of CLS Group until the company's AGM in April 2006. Joseph De Feo will be succeeded in both positions by Rob Close, currently Deputy Chief Executive Officer of CLS Group and Chief Executive Officer of CLS Services Ltd. An external appointment is planned to succeed Rob Close in his current role.

"Joseph De Feo has made an outstanding contribution to the CLS Group," added Mark Garvin. "As a key figure in the G20 group of banks that formed CLS Group, he helped to define the CLS concept, build the unprecedented international coalition of Commercial, Investment and Central Banks and provide the industry with the vision of what we could achieve. He took over as CEO in 2000 during a very difficult time for the company, but demonstrated the drive and belief to build and head a management team that ultimately saw the company through to the successful launch of CLS Bank in 2002.

"Today the company continues to grow from strength to strength, with rising volumes and participants, and there can be no greater testament to Joseph's achievements than the progress the company has made during his term of office. Rob Close has worked closely with Joseph during this time and has contributed greatly to the success of the Group. The CLS Group Board is very pleased that Rob has agreed to succeed Joseph. There are many challenges ahead in the coming years with the advent of new products and the continuing drive for volume growth. We are convinced that no-one is better placed to lead the Group in meeting these challenges."