Donald F. Donahue Elected President and CEO of DTCC.

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) announced today that Donald F. Donahue was elected to become President and Chief Executive Officer by DTCC's Board of Directors. The appointment is effective August 1, 2006.

Jill M. Considine, DTCC's Chairman and CEO recommended Donahue's promotion to the Board, following her decision to relinquish the titles of President and CEO as part of a long-term corporate succession plan that she introduced.

In addition to his new role at the holding company, DTCC, Mr. Donahue will become President and CEO of its core subsidiaries, National Securities Clearing Corporation (NSCC), The Depository Trust Company (DTC) and the Fixed Income Clearing Corporation (FICC).

Both Miss Considine and Mr. Donahue will continue to serve as Directors on DTCC's Board.

"DTCC's role in the financial securities industry is to ensure safety and soundness in the post-trade clearance and settlement of securities transactions. Last year, we settled in excess of $1.4 quadrillion. Considering the critical nature of what we do, it's prudent to have a succession plan that can be phased-in and positions the organization for the future," said Considine.

Mr. Donahue is a 20-year veteran of DTCC and previously, DTC. Since May 2003, he has served as Chief Operating Officer of DTCC. Prior to that, Mr. Donahue headed DTCC's Customer Marketing and Development Division, with responsibility for strategic planning, product development, relationship management, applications development and technology. At DTC, he served as Chief Information Officer from 1997 until 2000 and as head of the depository's Operations Division from 1995 to 1997. He joined DTC in 1986 and has held positions in a variety of areas.

"Since 1999, Don has played a major leadership role in helping us seamlessly integrate and streamline the various clearing corporations and depository functions under the DTCC organizational umbrella, without any disruption in service to our customers," said Considine. "He's been the architect of our Business Continuity Plan, post 9/11, which has reinforced DTCC's highly-resilient, self-healing telecomm network, created multiple data center redundancy and launched our Southern Business Center, which now shares critical operating responsibility for key functions performed by DTCC subsidiaries."

"More recently, he has helped guide the launch of major new initiatives at DTCC, including our efforts to automate the OTC derivatives market through DTCC Deriv/SERV."

"He's a talented, hands-on executive, who has the confidence of our Board and can easily move from day-to-day operational details across DTCC's diverse businesses and market segments to an impressive grasp of strategic issues challenging the financial services industry as a whole."

In May 2004, Mr. Donahue was appointed by the U.S. Secretary of the Treasury to serve as Sector Coordinator and Chairman of the Financial Services Sector Coordinating Council (FSSCC) for Critical Infrastructure Protection and Homeland Security. FSSCC coordinates the private sector's preparation and sharing of best practices across the financial services industry to address events that could disrupt the normal business of the financial sector, such as cyber attacks, natural disasters and terrorist attacks.

"I appreciate the vote of confidence that is reflected in this decision," said Donahue. "Since 1999, under Jill's leadership, we have successfully transformed the culture of DTCC to operate more like a for-profit company with a competitive drive and bottom-line accountability for results, even while we operate on an 'at-cost' basis, returning savings derived from increased efficiencies and excess revenue to our customers in the form of discounts and rebates.

"We've increased the breadth of services and markets we support, expanded the scope of risk mitigation services we provide, improved overall customer satisfaction survey scores to world class levels and established a global image for DTCC as a low cost and high quality logical solutions provider. However, sustaining this momentum requires that we have the depth of talent and leadership in place, for transitions we all know are inevitable," said Donahue.

DTCC also announced that William B. Aimetti, a well-known and respected industry veteran, was elected to become DTCC's Chief Operating Officer (COO). Mr. Aimetti has been serving as DTCC's Chief Information Officer since April 2003. In addition to his appointment as DTCC's COO, Mr. Aimetti will become Executive Managing Director and COO of NSCC and DTC.

"Jill's taken a very proactive approach on the subject of succession planning, that will help us ensure the continuity, quality and reliability that have been the hallmarks of DTCC's service to the industry," said Steven P. Casper, Chairman of the Board's Compensation and Human Resources Committee and President and CEO of Fischer, Francis Trees & Watts, Inc. "We join in supporting Jill's recommendation to appoint Don Donahue as President and CEO. He has the broad knowledge and respect of major industry firms to take on this expanded responsibility."

More Background on Donald F. Donahue:

Prior to joining DTC, Mr. Donahue was President of two affiliated companies that developed and marketed credit enhancements for municipal securities from 1985 to 1986. Before that, he worked for the Municipal Rulemaking Board, the self-regulatory organization governing the U.S. municipal securities markets, from 1977 to 1985.

He began his career working for Barr Brothers & Co., Inc., for five years, as a broker/dealer specializing in municipal securities. Mr. Donahue has a B.A. degree in History from Columbia University.

Background on William B. Aimetti:

Mr. Aimetti is managing director and Chief Information Officer of The Depository Trust & Clearing Corporation (DTCC). In addition, he sits on DTCC's Executive Committee, which is accountable for the corporation's overall performance.

Mr. Aimetti joined DTCC in July 2000 as a managing director and Chief Administrative Officer to oversee all operations and quality initiatives of the company's two subsidiaries, National Securities Clearing Corporation (NSCC) and The Depository Trust Company (DTC). He was named Chief Information Officer in April 2003.

Prior to joining DTCC, Mr. Aimetti was associated with Nomura Holdings America, Inc./Nomura Securities International, Inc. where he had been executive managing director - Operations, Technology and Corporate Services. He also served as president and chief executive officer of Nomura International Trust Company, a subsidiary of Nomura Holdings America. He joined Nomura in 1994. Previously, he was a division executive for Citibank where he was responsible for all operations and technology for the North American Global Finance Division. In addition, he has served as a key member of the operations divisions of both the Securities Industry Association and the New York Clearing House and was a board member of Cedel (now Clearstream).

Mr. Aimetti is a member of the Advisory Board of Seton Hall University and serves on an affiliated Board of Morristown Memorial Hospital in Morristown, N.J. He also serves on the board of The Relegence Corporation.

Mr. Aimetti holds a Bachelor of Arts degree in psychology from Seton Hall University and a Masters of Science degree from Columbia University's Graduate School of Business.

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 credit derivatives. DTCC's depository also provides custody and asset servicing for more than 2.5 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. Last year, DTCC settled more than $1.4 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.

For a photo of Donald F. Donahue, go to: www.dtcc.com/donahue.html.