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DTCC Introduces Two Major Advances to DTC TaxVantage, Simplifying International Tax Management

New York, November 8, 1999 - The Depository Trust & Clearing Corporation (DTCC) today announced the launch of an expanded DTC TaxVantage^SM family of products, designed to automate and simplify the foreign tax relief process. DTCC is a new holding company formed by the integration of The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC).

The newest offering is DTC TaxReclaim^SM, an interactive tax reclaimsystem that automates the preparation of foreign tax reclamation forms. A second product, DTCTaxInfo^SM, has been enhanced to provide even more tax relief informationand is now available via the Internet.

"With the explosion in cross-border asset holdings, investors look to theircustodian banks and brokers to minimize the impact of foreign withholding taxes andmaximize returns on investments. Our expanded services will further automate andstreamline foreign withholding tax management," said Robert E. Dunn, DTC VicePresident. "Since 1987, DTC TaxRelief^SM has successfully helped theindustry manage withholding tax liabilities, with participants saving nearly $250 millionlast year in excess withholding tax."

TaxVantage consists of three products:

• TaxReclaim, launched in September 1999, automates and centralizes foreign tax form preparation for 13 countries of investment, replacing manual, paper-intensive processing. Participants enter tax data via the Participant Terminal System (PTS). After processing the data, DTC generates and transmits a print file to participants that includes the completed tax reclaim form, reclaim calculation values, and a checklist of supporting documentation along with filing instructions. TaxReclaim supports both DTC-eligible and non-eligible securities.
• TaxInfo, vailable through PTS since 1997, has been expanded to cover 17 countries and is accessible to participants over the Internet. TaxInfo is a tax information database of withholding rates and tax relief opportunities for international securities held at DTC. TaxInfo is now available on DTC's web site at www.dtc.org.
• TaxRelief (first made available as an option over PTS more than 12 years ago) allows participants to electronically certify shares of securities held at DTC that are eligible for tax relief. Participants can then receive dividends or interest with the appropriate tax withheld at-source or through accelerated refunds, instead of filing a reclaim form with those countries that have established tax treaties. TaxRelief currently covers securities held at DTC from 12 countries, with additional countries expected to be added in 2000.

"Based on participant feedback, we've broadened the scope of the TaxVantageproduct family to provide the tools necessary to navigate the complexity of foreign taxregulations and processes. We've developed a robust, central body of knowledge andset of procedures to be shared with our participants, so that each of them can benefitfrom our experience, " added Dunn.

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.