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DTCC Board Names George Perretti Managing Director Of Contingency Planning

New York, May 6, 2004 - The Board of Directors of The Depository Trust & Clearing Corporation (DTCC) approved the promotion of George Perretti to managing director at its annual meeting last week.

Perretti now becomes a member of DTCC's senior leadership team in charge of Corporate Infrastructure Contingency Planning. In his post, he will continue to coordinate all aspects of DTCC's business continuity planning for infrastructure and direct a wide range of business measures to ensure that DTCC can continue to operate in the event of a disaster or emergency. He leads infrastructure business continuity efforts and assists in implementing a business continuity strategy at all DTCC locations.

He has played an important role in DTCC's decentralization efforts and, in 2002, was charged with heading the commissioning of remote data centers - a critical project that was completed ahead of schedule and has set a standard for other financial services organizations. He is a key member of DTCC's Southern Business Center site team. Perretti also helps manage The Information Technology (IT) Service Center which is made up of DTCC's Customer Support Center, providing all technical assistance to customers and employees; and its Enterprise Service Center and the Participant Interface Planning group, which together provide connectivity and technical support for DTCC's subsidiaries, National Securities Clearing Corporation (NSCC) and The Depository Trust Company (DTC), and help customers migrate to new, standardized financial services technology.

Perretti joined DTC in 1980 and held numerous managerial positions in the information technology section until he was named head of IT Communications. He was promoted to vice president in 1998.

He holds a B.S. degree in engineering from the City University of New York.

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 and over-the-counter credit derivatives. 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.