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DTCC Board of Directors Elect Larry E. Thompson General Counsel

New York, July 6, 2005 - The Depository Trust & Clearing Corporation (DTCC) today announced the election by its Board of Directors of Larry E. Thompson as general counsel for DTCC, effective immediately.

In his new role, Thompson, who has been with the organization for 24 years, assumes direct responsibility for all Legal Department activities for DTCC and its subsidiaries. He also becomes a member of the DTCC Executive Leadership Team. Thompson will report to Richard Nesson, executive managing director for Legal, Regulatory and Compliance.

"Larry has played an important role in shaping the company's legal strategy and has proven to be a strong leader in managing a wide range of business, finance and labor relations issues impacting DTCC and the securities industry," said Jill Considine, DTCC chairman and CEO. "His experience in working closely with government and regulatory agencies and his counterparts in the public sector has been instrumental in helping protect DTCC's reputation for integrity and in maintaining the highest standards of conduct in serving the marketplace."

Thompson was most recently first deputy general counsel for DTCC and general counsel for the Depository Trust Company (DTC). He began his career with the organization in 1981 as associate counsel for DTC. Prior to that, he was a partner in the law firm of Lake, Bogan, Lenior, Jones & Thompson and an associate at Davis Polk & Wardwell.

"As a trusted utility for the financial services industry and a key contributor to the U.S. financial infrastructure, DTCC needs to remain at the forefront of the important issues shaping the safety and soundness of our financial markets," said Nesson. "Larry's achievements throughout the years, combined with his in-depth knowledge of securities law and his commitment to our organization, are important attributes that will help ensure DTCC maintains the highest standards for integrity and trust."

In October 2004, Thompson was selected by the Partnership for New York City as one of 18 New York City-based executives to participate in the 2004 - 2005 class of the David Rockefeller Fellows Program. Established in 1989, the program is designed to enable private-sector leaders to deepen their understanding of the public needs of New York City and take an active role in shaping its future.

Thompson earned his law degree from the University of California, Berkeley. He earned his B.A. from Yale University with cum laude honors and as a Scholar of the House. He is a former director of the Legal Aid Society of New York and a former director of the Studio Museum of Harlem.

To download a photo of Larry Thompson, visit www.dtcc.com/PressRoom/images/thompson.jpg.

About DTCC

Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for almost two and a half 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.