Company Press Release

New York, September 30, 2009 – The Depository Trust & Clearing Corporation (DTCC) has appointed Andrew Gray, a long-time Merrill Lynch & Co. veteran, to the new position of managing director, Core Product Strategy and Management.

In his new position, Gray will be responsible for overseeing DTCC’s core businesses, including U.S. Clearance and Settlement of equities and fixed income products, Asset Services, Wealth Management Services and Insurance & Retirement Services. He will report to Michael Bodson, executive managing director for Business Management and Strategy.

“Andrew brings more than 20 years of financial services experience to DTCC, with a substantial background in both U.S. and international activities,” said Donald F. Donahue, DTCC chairman and CEO. “He has a proven record in restructuring and growing businesses and has broad management experience in strategy, finance and technology. We’re pleased to having him join DTCC in this senior leadership role, as we continue to build and expand our business globally.”

Gray has spent more than a decade with Merrill Lynch. Most recently, he served as managing director and chief operating officer for Merrill’s Latin America and Canadian businesses, where he was responsible for the development and execution of the strategic plans and business growth initiatives for the region. Gray also was responsible for overseeing all support, control and infrastructure functions for the business. In addition to his COO responsibilities, he also served as country executive for the Central American, Andean and Caribbean region.

Before that, Gray served as a managing director in Strategy and Business Development for Merrill’s Global Markets and Investment Banking businesses and for Global Securities Research & Economics. In that role, he oversaw market analysis, strategic and business planning and execution and client segmentation analysis for multiple businesses.

Prior to his role on the Strategy and Business Development team, Gray was head of Corporate Planning for Merrill, where he was responsible for firm-wide planning, forecasting and budgeting, analysis and reporting for senior management and the Merrill Lynch Board of Directors. In addition, he served as chief financial officer for major support functions.

Before joining Merrill Lynch in 1998, he was a principal at the management consulting firm Booz-Allen & Hamilton, where he specialized in strategy, technology, organizational redesign and business process redesign for financial services clients around the globe for almost a decade.

At Merrill, Gray was co-leader of Merrill Lynch’s Black Professional Network and was a trustee of the Winthrop H. Smith Memorial Foundation, which voluntarily raises funds to help assist Merrill employees who may be experiencing financial hardship. He also serves on the Leadership Council of MIT’s Public Service Center, a program that seeks to motivate and facilitate valuable community service work worldwide.

He earned his bachelor’s degree in Mechanical Engineering from the Massachusetts Institute of Technology (MIT), where he was a member of the Phi Beta Kappa academic honors society. Gray also received a master’s degree in Government Administration from the University of Pennsylvania.

Editor’s note: A high resolution photo of Andrew Gray is available at: http://www.dtcc.com/images/bios/AndrewGray.jpg

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 more than 3.5 million securities issues from the United States and 110 other countries and territories, valued at $27.6 trillion. In 2008, DTCC settled more than $1.88 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.


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