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Carey Named Managing Director of DTCC H.R.

NEW YORK, October 7, 1999 - Kevin P. Carey has been named managing director of Human Resources for The Depository Trust & Clearing Corporation (DTCC), effective immediately.

Carey will report to Jill M. Considine, chief executive officer of DTCC, and will be responsible for all Human Resources activities within the organization. DTCC was formed by the integration of National Securities Clearing Corporation (NSCC) and The Depository Trust Company (DTC). Many of the staff functions, including Human Resources, have been or are being combined under DTCC.

Prior to joining DTCC, Carey was senior vice president for Human Resources at Avis Rent-A-Car, a post he held since 1997. Before that, he worked for American Express from 1987 to 1996, holding a variety of Human Resources managerial positions, including senior vice president for American Express International. During his 25-year career, he held managerial positions with Kelin Consulting, Warner Communications, Inc., Hunter Douglas, Inc. and William Wrigley, Jr. Company.

"Kevin brings a great deal of experience in a number of key areas that are of particular importance to DTCC," said Considine. "Among those are leadership roles in redesigning compensation programs, directing the assimilation of major acquisitions, and developing a vision, mission and values program. We expect him to be a great asset to everyone at DTCC as we integrate DTC and NSCC and create a new organization."

Carey is a graduate of Niagara University in Niagara, New York., where he received his bachelor's degree in Commerce in 1970. He currently serves as a member of the University's advisory board. He is also a member of the Board of Directors for AIESEC, Inc., a student organization.

About DTCC: The Depository Trust & Clearing Corporation (DTCC), with operating facilities in multiple locations in the U.S. and overseas, is a holding company for six subsidiary businesses - a depository and five clearing corporations - as well as the co-owner with Thomson Financial of a global joint venture called Omgeo. Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate debt, municipal debt, government securities and mortgage-backed securities in the U.S., and emerging markets debt trades globally. It is also a leading clearinghouse for mutual funds and insurance products, linking funds and carriers with distribution networks. In addition, DTCC provides custody and asset servicing for more than two million securities from the U.S. and 84 other countries. For more information on DTCC, see www.dtcc.com.

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