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China and U.S. Depository Trust & Clearing Companies Sign Information Sharing and Collaboration Agreement

DTCC and CDC Sign Agreement at Ceremony in New York

New York and Beijing, December 4, 2006 - The Depository Trust & Clearing Corporation (DTCC) and the China Government Securities Depository Trust & Clearing Co., Ltd. (CDC) signed an agreement late Friday to foster business collaboration, and build a working relationship between these two major financial infrastructure organizations.

The agreement provides a legal and business framework under which DTCC and CDC can exchange information and explore opportunities to promote cross-border investment through cooperation in depository and clearing operations.

"We hold in high regard the strength and progress of China's capital market system, and recognize that there will be an ongoing cross-border flow of investment between our two countries," said DTCC President and Chief Executive Officer Donald F. Donahue. "Our goal with this agreement is to create an environment that will foster an open sharing of information and ideas, and provide a forum for discussing ways DTCC and CDC can work together to address market challenges and opportunities."

A delegation of 34 executives from China, including representatives of CDC and its member firms, visited DTCC and participated in the ceremony on December 1.

"We believe that forging closer ties with DTCC will work towards the prosperity of our respective financial markets, and build understanding and cooperation between our organizations," said CDC Board Chairman Zhang Yuan. "The mutual exchange of information on our business operating models and service offerings will bring enormous benefits to our customers and markets."

Both depositories said that, under the agreement, they could explore business subjects ranging from the clearance, settlement and custody of securities, to the processing of derivatives and corporate actions.

About CDC

China Government Securities Depository Trust & Clearing Co. Ltd (CDC), established in 1996, is the Central Depository System for China's bond market, and provides custody, settlement and information services for government securities, policy financial bond, corporate bonds and asset-backed securities, money market instruments and over-the-counter transactions. A state-owned nonbank financial institution authorized by Ministry of Finance and the People's Bank of China, CDC is responsible for government bond custody, bond registration, trust, and settlement in the interbank bond market.

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, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 2.5 million securities issues from the United States and 100 other countries and territories, valued at $31.2 trillion. Last year, DTCC settled more than $1.4 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.