Credit Suisse First Boston Chooses DTCC's Global Corporate Action Validation Service; Number of Global Financial Firms Using DTCC for Global Corporate Action Information Continues to Grow

Business Wire, March 1, 2005

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) today announced that Credit Suisse First Boston (CSFB), a leading global financial services company, has selected the Global Corporate Action (GCA) Validation Service to drive efficiency and automation for its corporate action announcements.

The GCA Validation Service gives customers access to a centralized source of "scrubbed" information about tender offers, conversions, stock splits, and more than 100 other types of corporate actions for securities traded in Europe, Asia and the Americas. The service delivers comprehensive and timely information, as well as substantial economies of scale to banks, broker/dealers, investment managers and others worldwide. It is provided through Global Asset Solutions LLC, a DTCC subsidiary.

"DTCC has a proven track record in the corporate actions space, and extensive experience working with these complex financial transactions," said Joseph Porcello, director of Asset Servicing for CSFB in the U.S. "By signing on to GCA Validation, we're looking to eliminate the time-consuming, manual process of reconciling corporate action announcements and streamline our operation globally."

In addition to CSFB, five major global financial institutions already use the GCA Validation Service, and a number of leading broker/dealers, banks and hedge funds are in negotiations with DTCC to begin using the service over the next several months.

"DTCC is leveraging 30 years of corporate actions experience, and we're committed to being the worldwide market leader providing global corporate action information," said James Femia, managing director and head of DTCC's Global Corporate Actions business unit. "We're investing substantial resources to expand and enhance our service to achieve this goal."

Last year, the GCA Validation Service became the first service of its kind to provide customers with worldwide reach when it opened a service center in Shanghai, providing round-the-clock coverage. This Asian presence complements GCA Validation Service centers in London and New York. The GCA Validation Service was launched in 2003 to allow customers to offload functions that are largely manual and non-standardized, and thus error-prone, risky and costly.

Corporate actions are one of the last significant areas of risk associated with largely manual and non-standardized processing in the securities industry. According to a 2004 study sponsored by DTCC and conducted by Oxera, an economics consultancy in Europe, the risk from just one complex corporate action event could run into tens of millions of euros for individual securities firms - and multi-billion euros for the global securities industry.

About DTCC

Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for more than two 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. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.

Additional information on DTCC's family of Global Corporate Action services is available at www.dtcc.com/gca.>

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