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All DTCC Subsidiaries Expect to Operate Normal Clearance and Settlement Activities Today

New York, August 15, 2003 - The Depository Trust & Clearing Corporation (DTCC) said today that it expected that all its subsidiaries would be operating normally today to clear and settle trades from U.S. markets despite the continuing power problems in New York City.

DTCC completed settlement yesterday without problems and said that all its subsidiaries, including The Depository Trust Company, National Securities Clearing Corporation, Fixed Income Clearing Corporation and the Emerging Markets Clearing Corporation, were expected to operate normally today although with reduced staffing, due to the transportation difficulties in the metropolitan area.

DTCC indicated that having multiple operating sites and its own power generators allowed it to continue normal processing functions, once power in New York went down on Thursday afternoon.

"All of our systems are fully functional and we are ready to handle our normal clearing and settlement activities," said Donald F. Donahue, chief operating officer, DTCC. "We will be contacting all of our participants to ensure that they are also capable of conducting settlement activities and we stand ready to assist them if necessary."

DTCC provides the principal clearing and settlement infrastructure for the United States, clearing more than $3 trillion worth of trades daily from all U.S. markets and the fixed income market, including U.S. government securities.

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, over-the-counter credit derivatives and emerging market debt. DTCC's depository also provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.