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DTCC Completes Exchange for NSCC, DTC Shares

New York, November 8, 1999 - The Depository Trust & Clearing Corporation (DTCC) announced today that all shareholders of The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC) had exchanged their shares for shares in DTCC, marking the final step needed for DTCC to become the parent of both clearing agencies.

In order for the exchange to be completed, at least two-thirds of the shareholders ofDTC were required to exchange their shares, and both of NSCC shareholders were required toexchange their shares.

"I'm delighted to report that we received 100% of the outstanding shares inthe exchange offer," said Jill M. Considine, chief executive officer of DTCC."We believe this is a strong statement of industry support for our plans to bringthese two critical parts of the financial services infrastructure together to meet thechallenges facing us in the coming years."

DTC is the world's largest securities depository and a clearinghouse forinstitutional post-trade processing and settlement. DTC holds and services more than $20trillion in assets for its participants.

NSCC is the leading provider of broker-to-broker, centralized clearance, settlement andinformation services to the financial services industry. Using innovative and highlyflexible technology systems, NSCC supports and provides connectivity to thousands ofbrokers, dealers, banks, mutual funds, insurance carriers and other financialintermediaries.

DTCC is a holding company, and NSCC and DTC will operate as separate subsidiaries underDTCC. A single slate of directors will sit on the boards of all three units, and therewill be a combined executive team. Many of the functions of DTC and NSCC will also becombined at the holding company level. DTCC operating facilities are based inmultiple locations in the U.S. and overseas.

"We are looking forward to beginning the new millennium as one company with aunified strategy, purpose and mission: to be the provider of choice worldwide forinvestment servicing solutions through leadership, innovation and technology. We will dothis by using the combined talents of our organization to help the industry developsolutions to the issues of extended trading hours and decimalization in the U.S., as wellas T+1 settlement and a growing globalization," Considine said.

For more information, check Web sites at www.dtcc.com, www.dtc.org org www.nscc.com.