ADP BSG Announces Agreement with National Discount Brokers Group to Provide Processing Services for Millennium Clearing Subsidiary.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 29, 2000

ADP Brokerage Services Group (ADP BSG), a division of Automatic Data Processing, Inc. (NYSE: AUD), announced today that Millennium Clearing Company, LLC, a subsidiary of National Discount Brokers Group, Inc. (NYSE: NDB), a leading Internet brokerage and financial services company, has signed a multi-year service agreement to outsource its securities transaction processing to ADP. Millennium Clearing will be using the ADP Brokerage Processing Services (BPS) real-time processing platform in a service bureau environment to support its new correspondent clearing business including that of its affiliated companies, National Discount Brokers Corporation/NDB.com and NDB Capital Markets Corporation, formerly Sherwood Securities Corp.

Vincent S. Morano, President of Millennium Clearing Company, stated that the execution of the ADP service bureau agreement was an important part of NDB's previously announced strategy to self-clear. Millennium Clearing chose ADP because they felt that ADP's BPS platform was the system that offered the best combination of reliability to handle today's skyrocketing trade volumes, and the scalability to meet the future growth plans of NDB.com and NDB Capital Markets. Millennium Clearing was also impressed with ADP's proven track-record in servicing and supporting some of the industry's leading online brokerage firms. "As we learned more about ADP's current and future initiatives, it became increasingly clear that they had the depth and breadth of products and services to support our clearing business. More importantly, they also demonstrated their extensive knowledge and experience in innovatively servicing the online market, and the particular strategies of NDB.com and NDB Capital Markets," stated Mr. Morano.

Millennium Clearing will also benefit from the power and flexibility offered by ADP's BPS Advantage(SM) platform. BPS Advantage is a relational database application that provides ADP clients with real-time access to their customer data, along with the ability to develop highly specialized applications, reports and data extracts. BPS Advantage is a scaleable application, available in a distributed client/server environment, that enables online brokerage firms like NDB.com and institutional firms like NDB Capital Markets to receive real-time updates, including position, balance and holding information, to support their rapidly growing businesses.

"We are extremely excited to be supporting Millennium Clearing and we're looking forward to assisting them with building on their leadership position in their rapidly growing marketplaces. More and more, online brokerage firms are turning to ADP because we've proven that we have the capacity and real-time infrastructure, along with the innovative product offerings and unparalleled service to help them be the best in the business," stated John Hogan, Co-President, ADP BSG.

About National Discount Brokers

Headquartered in Jersey City, New Jersey, National Discount Brokers Group, Inc., an S&P Small Cap 600 Index company, is the parent company of two financial services entities: National Discount Brokers Corporation/ndb.com and NDB Capital Markets Corporation, formerly Sherwood Securities Corp. National Discount Brokers, which was recently ranked #1 in the Barron's Best of Online Brokers survey, at February 29, 2000 had 207,900 customer accounts, with assets of $12.2 billion. NDB Capital Markets main operations are as a market maker in approximately 4,300 Nasdaq and other OTC securities as of February 29, 2000. The Company has offices in Jersey City, New York, Los Angeles, Chicago, San Francisco, Denver and Boston. Customers can access National Discount Brokers Corporation/ndb.com at , via the PowerBroker automated touch-tone telephone system 800-631-8884 or by calling 800-4-1-PRICE.

About ADP Brokerage Services Group

As the premier provider of transaction processing services to the financial industry, ADP BSG has the capacity and technological expertise to assist its clients in differentiating themselves in the marketplace. ADP BSG brings to financial intermediaries advanced, integrated systems for securities processing, desktop productivity and investor communication services, all focused on providing unique solutions for straight through processing and World Class customer service. ADP BSG continually uses technological advancements to develop innovative products that meet the long-term business needs of its clients.

As a leading outsourcing vendor, ADP BSG is leveraging its position to provide competitive, cost-effective services to its clients worldwide. Automatic Data Processing, Inc., with over $5 billion in annual revenues and more than 450,000 clients, is one of the largest independent computing services firms in the world. For more information about ADP BSG, please visit our web site at www.bsg.adp.com.