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DTCC and KSD Sign Information Sharing and Collaboration Agreement

New York and Seoul, April 6, 2004 - The Depository Trust & Clearing Corporation (DTCC) and the Korea Securities Depository (KSD) have signed an agreement to foster close collaboration and strengthen the working relationships between both organizations.

The agreement provides a legal and business framework under which the two major securities depositories can exchange information and advice on their business and services, and other projects of common interest.

"This agreement creates a springboard for the exchange of ideas between our organizations, and offers us a genuine opportunity to work more closely with KSD," said Jill M. Considine, DTCC Chairman and CEO. "We look forward to sharing our experiences and tapping KSD's expertise on Korean market practices."

Currently, the Korean legislature is reviewing the country's regulated clearing and settlement model. "I believe the agreement will play a pivotal role for KSD to take a step forward," said Mr. Huhn Gunn Ro, Chairman and CEO of KSD. "By sharing experiences, information, and know-how with DTCC, KSD will be able to solve problems and develop new services in an effective and efficient manner."

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 KSD

The Korea Securities Depository (KSD) is in charge of a wide range of securities related businesses including securities issuance, deposit, settlement, and entitlement processing in its capacity as a sole central securities depository in Korea. KSD is a statutory entity with public characteristics, held by 96 shareholders as of the end of 2002. The shareholders consist of securities companies, banks, insurance companies, investment & trust companies, and other financial organizations. The number of participants in the KSD system currently stands at 553, mostly financial organizations. KSD is headquartered in Seoul with five branches nationwide.

As the roles performed by KSD directly affect national financial and securities market, a series of strict measures are in place to secure fairness and transparency in its operations. Entities that oversee KSD businesses include the Ministry of Finance and Economy (MoFE), the Financial Supervisory Commission (FSC) and the Financial Supervisory Service (FSS). For more information on KSD, visit www.ksd.or.kr.