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DTCC Names Robert M. Hegarty Head of Market Structure

New York, March 25, 2009 - The Depository Trust & Clearing Corporation (DTCC) announced today the appointment of Robert M. Hegarty, an industry leader in financial services technology, to the newly created position of managing director, Market Structure, effective April 13, 2009. In this new position, Hegarty will be spearheading DTCC’s efforts to identify new market and growth opportunities focused on the front-office and trading communities.

Hegarty joins DTCC from TowerGroup, a premier research and advisory services firm for the global financial services industry, where since 2002 he served as managing director, Securities & Investments and Insurance. Hegarty’s more than 25 years of experience include positions at Putnam Investments, Fidelity Investments and Coopers & Lybrand.

“Rob comes to DTCC at a time of profound change in global financial markets, and he will play an integral role in helping us diversify our growth strategy,” said Donald F. Donahue, chairman and chief executive officer of DTCC. “There’s a widening circle of market participants worldwide looking for automated solutions that will link trading parties, reduce operating risks and lower costs. DTCC has already made progress across our business lines in working with firms’ front offices and we believe we’re extremely well positioned to meet this demand and broaden the markets we serve.”

Hegarty will report to James P. Leonard, managing director, Strategy and Marketing.

“DTCC is extremely fortunate to gain someone of Rob’s stature, with an intimate knowledge of the buy-side community and in-depth understanding of the technology and business challenges facing the industry to help shape and implement the next stage of the company’s growth,” said Michael C. Bodson, DTCC executive managing director, Business Management and Strategy. “As Rob comes on board here, we will benefit from his years of research experience and his expert counsel.”

At TowerGroup, the Securities & Investments practice under Hegarty’s leadership grew to become the leading research and advisory group serving the securities and technology industry. He led a staff that provided research and advisory services to executives in the investment management, wealth management, hedge fund, brokerage, capital markets and insurance industries. Prior to that role, Hegarty launched TowerGroup’s Investment Management practice and served as director/vice president of that practice from 1999, when he joined the firm, to 2002.

Before joining TowerGroup, Rob was vice president, Trading Systems, at Putnam Investments in Boston, where he oversaw the development and maintenance of the firm’s trading systems. Prior to Putnam, from 1990 to 1998 Hegarty held several senior positions with Fidelity Investments in Boston, including director, Product Development, for electronic trading and vice president, Technology, for Fidelity Capital Markets, where he oversaw all aspects of technology for Fidelity’s institutional brokerage division. Hegarty’s professional experience also includes work at Drexel Burnham Lambert in New York and Coopers & Lybrand in Boston.

Since 2006 he has served as a director for Bridgeline Software, Inc.

Rob holds a Bachelor of Science degree in computer science from North Adams State College, and a Master’s of Business Administration from Babson College.

About DTCC

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 3.5 million securities issues from the United States and 110 other countries and territories, valued at US$27.6 trillion. In 2008, DTCC settled more than US$1.88 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.