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DTC and NSCC to Become The Depository Trust & Clearing Corporation

New York, July 14, 1999 - The Depository Trust & Clearing Corporation (DTCC) will be the new holding company name adopted by The Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC) as part of the planned integration of the two companies. The announcement follows approval of the new name by the two boards.

The integration plans, first announced in March, call for a holding company structure with two separate operating subsidiaries, an executive management team and a single slate of directors. The directors serve on both the NSCC and DTC boards to unify strategy decisions pending regulatory approval of the new holding company, which is expected later this year.

"From the beginning, we were challenged when considering an entirely new name for the holding company by two very successful companies with strong brand names," said Jill M. Considine, the Chairman and CEO of DTC and designated CEO of the new holding company.

According to Considine, research was completed that included an assessment of name recognition in the U.S. and overseas, interviews with customers and internal staff and the development and testing of a list of alternative names for the new holding company.

"We wanted to evaluate the naming or branding of the holding company in the context of our changing mission and the expanding range of products and services we'll provide now and in the future," she said

"It became increasingly clear during our research, however, that the equity of our two brands, DTC and NSCC, were too valuable to give up," Considine noted. "We found that financial organizations, central securities depositories internationally and the media were very familiar with our current names and regularly used them as a reference point for activities in the U.S. market.

"We also determined that it would take an inordinate amount of time and resources to build that same equity in a new brand, time which we could ill afford to spend diverted from our focus on all the challenges facing us, including achieving T+1 and global straight through processing."

"We held lengthy discussions with Board members," said David M. Kelly, President and CEO of NSCC and the designated Vice-Chairman of the new holding company. "They agreed with our conclusion that DTCC would communicate the dynamic nature of this new organization and the changing role it will play domestically and as we face-off with counterparts overseas."

The Depository Trust & Clearing Corporation (DTCC) was created by theintegration of The Depository Trust Company and the National Securities ClearingCorporation. DTCC operating facilities are based in multiple locations in theU.S. and overseas.

The Depository Trust Company (DTC) is the world's largest securities depository,holding nearly $20 trillion in assets for its participants and their customers. DTC is anational clearinghouse for the settlement of trades in corporate and municipal securitiesand performs securities custody services for its participating banks and broker/dealers.Last year, DTC processed over 164 million book-entry deliveries valued at more than $77trillion. Owned by members of the financial industry who are its users, DTC is a limitedpurpose trust company under New York Banking Law, a member of the Federal Reserve Systemand a registered clearing agency with the Securities and Exchange Commission.

National Securities Clearing Corporation, established in 1976, is the leading providerof centralized post-trade comparison, trade guarantee, trade netting, settlement andinformation services for equities, bonds, Unit Investment Trusts, mutual fund andannuities transactions in the United States. Its participants include more than 2,000broker/dealers, banks, mutual fund companies, insurance carriers and other financialintermediaries. Last year, NSCC cleared and settled transactions in excess of $44.6trillion. NSCC is owned by the New York Stock Exchange and the National Association ofSecurities Dealers, Inc.