NEW YORK, May 01, 2008 (BUSINESS WIRE) -- The Depository Trust & Clearing Corporation (DTCC) today announced
four new industry leaders are joining the DTCC Board of Directors. The
new directors include: Mark Alexander, managing director and head of
Global Operations, Merrill Lynch & Co.; Ian T. Lowitt, co-chief
administrative officer, Lehman Brothers Holdings Inc.; Louis G.
Pastina, executive vice president of NYSE Operations, NYSE Euronext;
and Neeraj Sahai, managing director and global head of Securities and
Fund Services, Citi.

The 2008 DTCC Board will be made up of 21 directors, serving
one-year terms. Seventeen directors are representatives of clearing
agency participants, including international broker/dealers,
correspondent and clearing banks, mutual fund companies and investment
banks. Two directors are designated by the preferred shareholders,
NYSE Euronext and FINRA, and the remaining two are the chairman and
chief executive officer and the president of DTCC. All of the Board
members except those designated by the preferred shareholders are
elected annually.

"Our Board represents some of the world's leading banks,
broker/dealers and mutual fund companies, and our new directors bring
unique strengths and backgrounds to this role," said Donald F.
Donahue, chairman and CEO of DTCC. "Their extensive experience in
global operations and risk management will provide valued insight and
guidance to DTCC as we continue to grow our businesses."

Individuals are nominated for election as directors based on their
ability to represent DTCC's diverse base of participants, and Board
committees are specifically structured to help achieve this objective.
In addition, to ensure broad industry representation and expertise on
key industry subjects, industry representatives that are non-Board
members serve on a number of DTCC Board committees.

Earlier this year, Diane L. Schueneman, senior vice president,
head of Global Infrastructure Solutions, Merrill Lynch & Co., Inc.,
Douglas H. Shulman, vice chairman, FINRA, and Duncan L. Niederauer,
President and co-Chief Operating Officer, NYSE Euronext, retired from
DTCC's board.

Brief biographies of the new directors follow:

Mark Alexander

Mark Alexander is a managing director at Merrill Lynch and head of
Business Infrastructure and Controls and the Direct Division for the
Global Wealth Management ("GWM") business. He is also head of Global
Operations and Services for Merrill Lynch & Co., where he is
responsible for worldwide operations and client services for Global
Markets and GWM.

Alexander's 17-year career at Merrill Lynch includes leadership
positions in Global Private Client Services, Global Transaction and
Custody Services, Operations for Europe, the Middle East and Africa,
Global Equities Operations, Fixed Income Operations and Institutional
Client Services.

Alexander joined Merrill Lynch in 1991 after seven years at
Deloitte & Touche, where he was a manager and Certified Public
Accountant working on a variety of auditing and consulting engagements
in the financial services industry.

Alexander previously served as a director on the Boards of
Euroclear, LCH.Clearnet, the European Securities Clearing Corporation,
the Participants' Trust Company, where he was chairman in 1995/1996,
and for DTCC's subsidiary, the Government Securities Clearing
Corporation. He has also served on various industry committees over
the years, including DTCC's Planning Committees for Equity Operations
and Fixed Income Operations, the Securities Industry Association's STP
Executive Committee, the European Securities Forum Executive
Committee, CREST's Strategic Advisory Committee, and the Bond Markets
Association's MBS Executive Committee, MBS Operations Committee, where
he was Chairman in 1993/1994, and Government Securities Operations
Committee.

Alexander has a B.B.A. in Accounting, graduating magna cum laude,
from Hofstra University and an M.B.A. in Finance from New York
University's Stern School of Business. He has also attended various
executive leadership programs at Harvard Business School and holds
NASD licenses in Series 7, 24, 27 and 63.

Ian T. Lowitt

Ian T. Lowitt is an executive vice president of Lehman Brothers
Holdings Inc. and has been co-chief administrative officer since
October 2006. In this role, he is responsible for the global oversight
of Corporate Real Estate, Expense and Sourcing Services, Finance,
Operations, Productivity and Process Improvements, Risk Management and
Technology.

Prior to his current role, Lowitt was the chief administrative
officer of Lehman Brothers Europe. He has also served as global
Treasurer and global head of Tax, and chairman of Lehman Brothers Bank
FSB, the firm's Delaware-based savings bank. Before becoming global
Treasurer, he was the firm's head of Strategy and Corporate
Development.

Lowitt joined Lehman Brothers in 1994 from McKinsey and Company,
where he served as an engagement manager advising clients in a number
of industries, including financial services, electronics and
information technology.

Lowitt has a B.S. in Electrical Engineering and an M.S. in Digital
Electronics from the University of the Witwatersrand in Johannesburg,
South Africa. He also has a B.A. in Philosophy, Politics and Economics
and an M.S. in Economics from the University of Oxford. At Oxford,
Lowitt was a Rhodes-Scholar.

Louis G. Pastina

Louis G. Pastina is executive vice president of NYSE Operations,
NYSE Euronext.

In this position, Pastina is responsible for the NYSE Cash Market
Operations including the NYSE Trading Floor. In addition Pastina is
managing the architectural upgrade to the NYSE trading systems. He
previously oversaw the development and implementation of the NYSE
Hybrid Market(SM) and coordinated all planning efforts to support it,
from sales to operations.

Pastina was senior vice president, Market Development and Next
Generation Trading Project and was responsible for the Point of Sale
study that helped inform the Hybrid Market design. He was responsible
for the redesign of the NYSE Display Book, which is currently
integrated into the Hybrid Market.

Prior to that, Pastina was vice president of Development Planning
for all Trading Floor technologies in support of the Point-of-Sale,
including specialist, broker, and customer technologies. He was
instrumental in the development of the Broker Booth Support System and
the Exchange's handheld computer program, e-Broker. His
responsibilities included managing the Post Trade systems, SuperDot,
Capacity Planning, and Technology Marketing.

Pastina joined the NYSE in 1983 as a senior planner in the Options
business, and became manager, Options Administration, in 1985.
Transferring to the Fixed-Income business in 1986, he served as
Director, Fixed-Income Markets. In 1989, Pastina became managing
director of the Equity Business Development team and developed and
introduced the NYSE Crossing Sessions. In 1993, he developed the
Exchange's Broker Booth Support System and later the broker hand-held
computer system. He was promoted in 1999 to vice president, Point of
Sale Trading Systems.

Prior to joining the Exchange, Pastina was a senior auditor and
financial analyst at CIT Financial Corp.

Pastina graduated from St. Francis College of Brooklyn. He passed
the CPA exam in 1986.

Neeraj Sahai

Neeraj Sahai is the global head of Securities and Fund Services,
Citi. Sahai is also a member of Citi's Management Committee, Citi
Markets & Banking's Planning Committee, and Citi's Global Transaction
Services Management Committee.

Prior to assuming his current role, Sahai was chief financial
officer of Global Transaction Services, overseeing finance, risk,
control, treasury and strategy and M&A, among other areas of the
business. Immediately prior to this assignment, he was head of Citi's
Audit & Risk Review group for Markets & Banking.

Sahai has been with Citi for more than 23 years, starting as a
management associate in 1984. His previous assignments include
managing director for Cross Border Custody and Securities Lending;
director, Strategy Implementation (Worldwide Securities Services);
Global Transaction Services head (India); business manager, Cash
Management (India); and relationship and risk manager in Financial
Services and Corporate Banking.

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, 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 financial firms and third parties who market these products.
DTCC's depository provides custody and asset servicing for 3.5 million
securities issues from the United States and 110 other countries and
territories, valued at $39 trillion. Last year, DTCC settled more than
$1.8 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.

A full listing of the DTCC Board is available on the Web at
http://www.dtcc.com/about/governance/board.php.

SOURCE: Depository Trust & Clearing Corporation

Depository Trust & Clearing Corporation
Steve Letzler, 212-855-5469
sletzler@dtcc.com

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