DTCC Clarifies Work Experience of Former DTC Employee

NEW YORK--(BUSINESS WIRE)--March 14, 2006--The Depository Trust & Clearing Corporation (DTCC) issued a statement to correct inaccurate information that has appeared in the press and has been represented on Web sites and in public forums regarding the purported work experience of a former employee at one of DTCC's subsidiaries.

Susanne Trimbath has never been an official of DTCC or any DTCC subsidiary or predecessor company. She has never been an officer of the company or any of its subsidiaries.

Our records indicate that Susanne Trimbath was hired by The Depository Trust Company (DTC) in 1987 as a manager of transfer agent services, a corporate middle-management position below officer level. Ms. Trimbath resigned from her DTC employment in 1993 holding the same position.

There have been claims that Ms. Trimbath is an expert on clearance and settlement and the Stock Borrow Program. The Stock Borrow Program is now, and was at the time of Ms. Trimbath's employment at DTC, operated by the National Securities Clearing Corporation (NSCC), a separate company from DTC. In fact, Trimbath's employment at DTC pre-dates any corporate affiliation between DTC and NSCC, and predates the formation of DTCC.

At DTC, Ms. Trimbath was responsible for representing DTC's interests with transfer agents for DTC-eligible securities regarding DTC's business interactions with these agents. She never held a position in any operations area that dealt directly with electronic clearance and settlement or the Stock Borrow Program.