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DTCC: and TSCD Sign Mutual Collaboration Agreement

New York and Taipei, August 25, 2003  - The Depository Trust & Clearing Corporation (DTCC) and the Taiwan Securities Central Depository (TSCD) signed a general agreement of mutual cooperation to facilitate improved work procedures and derive mutual benefits for their respective depositories.

The agreement provides a legal framework under which the two major securities depositories can exchange information and advice on their business and services, and other matters on which the depositories may agree from time to time.

As an initial project under the agreement, DTCC will provide training, advice and information on risk management, custody, mutual funds servicing and straight-through processing (STP).

"We are pleased to share our experience with TSCD and look forward to extending the dialogue," said DTCC Chairman and CEO Jill M. Considine. "For DTCC, it's also an excellent opportunity to keep current on developments in the Taiwan market."

"This memorandum of understanding will bring the possibility of cooperation and the exchange of information and expertise between us one step forward," said TSCD President Mr. Ming-Tai Chen. "Some of our staff are ready for their first training at DTCC this September. DTCC's professionalism will help improve our depository and clearing services tremendously."

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.

About TSCD
TSCD was established in October 1989 in accordance with the Securities Exchange Act. The major business operations of TSCD are to provide book-entry of securities transaction; the clearing and settlement of securities traded on TSEC and GTSM exchange; the clearing and settlement for both cash and securities for the Emerging Stocks; handles the computer process for the clearing of futures market; registration of securities issuing in dematerialized form; and computer processing of book-entry for participants. TSCD is also entrusted by Securities and Futures Commission (SFC) to conduct the auditing of shareholders affairs of issuing companies. As of June, 2003, TSCD serves 430 participants with 1,394 computer linkages established with their headquarters and branch offices. About 79.17% of the total issuance on TSEC, 83.96% on GreTai Securities Market and 7.37% of the Emerging Stocks are under TSCD custody.  For more information on TSCD, please visit www.tscd.com.tw.