Donald F. Donahue Elected Chairman and CEO of DTCC

The Depository Trust & Clearing Corporation (DTCC) announced today
that Donald F. Donahue has been elected by DTCC's Board of Directors
to become chairman and chief executive officer (CEO), effective August
2007. Donahue was elected CEO last year.

The Board also elected William B. Aimetti as president and chief
operating officer (COO) of DTCC. Aimetti was elected COO last year.
His new appointment will also be effective August 2007.

Both Donahue and Aimetti will serve as directors on DTCC's Board.

Jill M. Considine, DTCC's current chairman, will be stepping down
in August, as part of a long-term corporate succession plan that she
introduced. The Board has asked Considine to continue to serve DTCC as
senior advisor.

"This decision is part of a prudent, long-term effort to ensure a
phased-in succession plan that's in keeping with our responsibility
for certainty and reliability in post-trade clearance and settlement,
and that positions the organization for the future," said Considine.
"Don Donahue and Bill Aimetti are enormously talented executives and
proven leaders, who have played a major role in building DTCC into the
world's largest post-trade infrastructure."

In addition to his new role at DTCC, the holding company, Donahue
will become chairman and CEO of its core subsidiaries: National
Securities Clearing Corporation (NSCC), The Depository Trust Company
(DTC) and the Fixed Income Clearing Corporation (FICC). Aimetti will
likewise become president and COO of DTCC, as well as its core
subsidiaries.

"The Board would like to publicly acknowledge and thank Jill
Considine for her terrific leadership of DTCC. Jill took on this role
during a period of tremendous change in the securities industry.
Through her vision and steady hand, she led the historic drive to
consolidate several clearing corporations serving vertical markets and
a depository into a single infrastructure organization, known as DTCC.
This has saved the industry hundreds of millions of dollars in
operating costs and fee reductions--and has helped to ensure that U.S.
capital markets are among the most competitive in the world," said
Stephen P. Casper, presiding director of DTCC's Board and chairman and
CEO of Fischer Francis Trees & Watts, Inc. "Jill's accomplishments at
DTCC are numerous. They include her stewardship on September 11, 2001,
when she made the tough decision to keep DTCC open, only ten blocks
from the World Trade Center, to ensure $280 billion in securities
transactions were settled that day and $1.8 trillion were settled that
week. Her actions during that period were critical to the reopening of
the U.S. financial markets the following week, and to sustaining
global confidence in the resiliency of U.S. capital markets.

"She has also played a major role in transforming DTCC's
organizational culture to one of certainty, and with a commitment to
quality, innovation and dedication to its customers and employees.
Last year, DTCC received a 91% overall customer satisfaction survey
score, the third year in a row customers gave the company such high
scores. Jill has also expanded DTCC's business activities into the OTC
derivatives market, led the launch of Omgeo (a joint venture with
Thomson Financial) and has positioned the company to be a global
service provider that is able to respond to the challenges that such
globalization will inevitably bring. Her efforts to put forward a
multi-year succession plan for DTCC underscores the type of
forward-thinking leadership that remains her legacy," said Casper.

Background on Donald F. Donahue

Donahue is a 20-year veteran of DTCC and DTC. Since May 2005, he
has served as CEO of DTCC. Prior to that, he was COO of DTCC since
2003. Donahue headed DTCC's Customer Marketing and Development
Division, with responsibility for strategic planning, product
development, relationship management, applications development and
technology from 2000 to 2003. At DTC, he served as chief information
officer from 1997 to 2000 and as head of the depository's Operations
Division from 1995 to 1997. He joined DTC in 1986 and has held
positions in a variety of areas.

Prior to joining DTC, Donahue was president of a company that
developed and marketed credit enhancements for municipal securities
from 1985 to 1986. Before that, he worked for the Municipal Rulemaking
Board, the self-regulatory organization governing the U.S. municipal
securities markets, from 1977 to 1985.

He began his career working for Barr Brothers & Co., Inc., for
five years, as a broker/dealer specializing in municipal securities.
Donahue has a B.A. degree in history from Columbia University.

In May 2004, Donahue was appointed by the U.S. Secretary of the
Treasury to serve as Sector Coordinator and Chairman of the Financial
Services Sector Coordinating Council (FSSCC) for Critical
Infrastructure Protection and Homeland Security. FSSCC coordinates the
private sector's preparation and sharing of best practices across the
financial services industry to address events that could disrupt the
normal business of the financial sector, such as cyber attacks,
natural disasters and terrorist attacks.

Background on William B. Aimetti

Aimetti, a well-known and respected industry veteran, has served
as DTCC's COO since May 2006. Prior to that, he was chief information
officer from April 2003.

Aimetti joined DTCC in July 2000 as a managing director and chief
administrative officer to oversee all operations and quality
initiatives for the company's two subsidiaries, NSCC and DTC.

Prior to joining DTCC, Aimetti was associated with Nomura Holdings
America, Inc./Nomura Securities International, Inc., where he was
executive managing director - Operations, Technology and Corporate
Services. Aimetti also served as president and CEO of Nomura
International Trust Company, a subsidiary of Nomura Holdings America.
He joined Nomura in 1994. Previously, he was a division executive for
Citibank where he was responsible for all operations and technology
for the North American Global Finance Division. In addition, he has
served as a key member of the Operations Divisions of both the
Securities Industry Association (now SIFMA) and the New York Clearing
House. He was also a board member of Cedel (now Clearstream).

Aimetti is a member of the Board of Regents of Seton Hall
University and serves on an affiliated Board of Morristown Memorial
Hospital in Morristown, N.J.

Aimetti holds a B.A. degree in psychology from Seton Hall
University and an M.S. degree from Columbia University's Graduate
School of Business.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its
subsidiaries, provides clearance, settlement and information services
for equities, corporate and municipal bonds, government and
mortgage-backed securities, money market instruments and
over-the-counter credit derivatives. In addition, DTCC is a leading
processor of mutual funds and insurance transactions, linking funds
and carriers with their distribution networks. DTCC's depository
provides custody and asset servicing for more than 2.8 million
securities issues, valued at $36 trillion, from the United States and
100 other countries and territories. Last year, DTCC settled more than
$1.5 quadrillion in securities transactions. DTCC has operating
facilities in multiple locations in the United States and overseas.
For more information on DTCC, visit www.dtcc.com.

For high-resolution photos of Donald F. Donahue, William B.
Aimetti or Jill M. Considine, go to: http://www.dtcc.com/photos.html.