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DTCC Names Joan J. Lewis to Lead New Marketing Function

New York, February 2, 2004 - The Depository Trust & Clearing Corporation (DTCC) today announced the appointment of Joan J. Lewis as managing director of Marketing.

In her new position, Lewis will be responsible for helping DTCC assess markets and competitive forces, identify new sources of revenue and expand the range of products and services DTCC offers the financial services industry. She will work closely with business unit managers across the enterprise to develop and implement marketing strategies and enhance overall brand strategy.

Lewis joins DTCC from Merrill Lynch, where she was managing director, Marketing and Communications for the Securities Service Division. Previously she was a senior vice president, Marketing and Communications at Standard & Poor's and director of Interactive Marketing Services at American Express. She will report to J. Randall Grespin, managing director and group business unit executive.

Grespin said DTCC created the new position "to establish marketing as a discipline that can help advance our goals and meet the evolving needs of our customers. This strategically significant position will further support our customer-centric and market-driven approach.

"Joan brings a wealth of talent and experience to the position," said Grespin. "She has extensive experience in developing global business-to-business marketing strategies, as well as the skills to enhance product positioning and sales effectiveness. She will play an important role in helping DTCC increase products and services and expand our presence both in the United States and abroad."

Lewis holds an M.B.A. from the University of Connecticut and a B.B.A. degree from George Washington University.

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.