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DTCC Hires New Chief Compliance Officer

Industry Compliance Expert to Lead Enterprise-wide Program

New York, November 29, 2007 — The Depository Trust & Clearing Corporation today announced the appointment of Mihal Nahari, a highly regarded industry expert on legal, compliance and regulatory risk management, as chief compliance officer.

Nahari will have enterprise-wide responsibility for compliance activities at DTCC, principally focusing on such matters as anti-money laundering (AML), USA PATRIOT Act, Bank Secrecy Act (BSA) and record retention requirements. She will report to General Counsel Larry Thompson for administrative purposes, with dotted line responsibility to both Chairman and CEO Donald F. Donahue and to the chairman of the Board’s Compliance and Operational Risk Committee on AML and compliance issues.

“Because of DTCC’s vital role in providing safety and soundness to the financial services industry, DTCC and its subsidiaries have had strong compliance programs in place for a number of years,” Donahue said. “However, Mihal brings added leadership, an extensive background and the knowledge necessary to meet the increasing complexity and pressing nature of compliance issues in the industry today.”

In recent years, lawmakers and regulators have enacted a series of measures to increase oversight of the business sector, including financial services. The aim of DTCC’s program is to promote transparency, ensure the soundness of capital markets, prevent fraud, protect investors, combat terrorist activity and enforce federal sanction on foreign entities hostile to U.S. interests.

“As vital players in the financial industry,” Donahue said, “DTCC and our subsidiaries must be at the forefront in achieving the highest standards on regulatory and compliance issues. Mihal’s appointment signals our commitment to expand and accelerate development and implementation of all aspects of DTCC’s compliance programs.”

Nahari has nearly 20 years’ experience in the financial services industry on a wide range of domestic and international legal, compliance and regulatory risk management issues. Most recently, she was a partner with the New York law firm, Bressler, Amery & Ross, P.C. In this capacity, she served as an advisor to industry clients on regulatory and risk management subjects including compliance programs relating to anti-money laundering statutes and regulations and U.S. Treasury Office of Foreign Assets Control (OFAC) sanctions. In addition, she conducted internal investigations, and counseled and represented clients in regulatory enforcement actions and proceedings.

Prior to that, she was with Bank of America Corporation where she was senior vice president and AML executive with responsibility for overseeing and implementing AML compliance and risk mitigation strategies across the bank’s global business. Nahari was also with Morgan Stanley for some eight years, where she established one of the first global AML and OFAC compliance programs at such a firm and later became the company’s Global AML Officer. She later served as the firm’s chief compliance officer for its retail and high net worth brokerage operations, managing all aspects of the compliance functions.

Nahari is a past co-chair of the AML committee of the Securities Industry and Financial Markets Association (SIFMA) and served as the industry’s representative to the U.S. Treasury Department Bank Secrecy Act Advisory Group, where she played a significant role in the policy and regulatory development of the USA PATRIOT Act. In addition, Nahari is a frequent speaker on various securities industry panels, addressing a wide range of issues relating to AML compliance and terrorist financing.

She is a graduate of the Fordham University School of Law and a graduate of Rutgers University with a bachelor’s degree in Economics and Spanish.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, money-market instruments, government and mortgage-backed securities 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 2.8 million securities issues from the United States and 100 other countries and territories, valued at $36 trillion. Last year, DTCC settled more than $1.5 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.