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All DTCC Subsidiaries Prepared for "Business as Usual" with Upcoming Change in Daylight Savings Time

New York, February 27, 2007 - The Depository Trust & Clearing Corporation (DTCC) said today that it has completed internal testing and updates to its software systems, network hardware, servers and desktops in preparation for the upcoming change in Daylight Savings Time (DST). DTCC expects all subsidiaries will operate normally to support clearance and settlement of close to $5 trillion in securities transactions, and does not anticipate the DST change to have any negative impact on its computer systems or customers.

Effective March 2007, the new schedule for DST in the U.S, Canada and Bermuda will impact date and time processing functions in computers and applications, as well as electronic devices that have built-in DST rules. With the change, DST is extended by four weeks, starting three weeks earlier than usual on March 11 and ending one week later on November 4.

In the U.S., the time change is part of the Energy Policy Act of 2005; Canada and Bermuda adopted the new schedule to remain consistent with U.S. time.

"We want to assure customers that our business activities will not be impacted by this upcoming change in the clocks," said William Aimetti, DTCC Chief Operating Officer. "Similar to our contingency plans and efforts for Y2K, we have been working closely with our hardware and software vendors for the past several months. We are confident our systems are prepared to handle all normal clearing and settlement activities."

Aimetti also noted DTCC will have extra staff on hand on the night of March 10 to monitor and address any issues if they emerge during the time changeover.

In 2006, DTCC settled in excess of $1.5 quadrillion in securities transactions. Because of its vital role ensuring the safety, certainty and soundness of the U.S. capital markets, DTCC has developed an extensive business continuity program which includes a fully redundant, self-healing telecom network, multiple data centers and operating sites throughout the U.S. This business continuity program was rigorously tested on 9/11 and in the following days and weeks, and again with the northeastern power blackout in the summer of 2003.

Most companies rely on automated time adjustments to their systems. As a result, failure to take appropriate action could result in the time being off by one hour for four weeks each year for computers and applications in the U.S., Canada and Bermuda. Countries that interact with these three could also be affected.

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 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.