National Securities Clearing Corporation (“NSCC”) will be revising its monthly participant invoices to improve readability and usability.

In response to requests and comments from our customers, NSCC will be converting all NSCC invoices to a new, commercial billing system later this year. NSCC's fees will not be changed and the amount of your invoice will be unaffected, however you can expect the following changes:

As a first step towards deploying the revised invoice, NSCC is announcing today the availability of a User's Guide to the NSCC Fee Schedule. The User's Guide is available on-line at http://www.nscc.com/legal/nsccfeeguide.pdf - it has been written for readability and organized for easy reference. The User's Guide introduces the concept of Fee Numbers. These numbers will also appear in the invoices to be produced by the new Billing system.

The new NSCC invoices will be delivered to the e-mail addresses that we have on file for delivering the e-mail copies of your current NSCC invoice. Please verify that our current invoice e-mails are reaching the appropriate people within your firm, or contact your relationship manager in order to update your e-mail address. NSCC invoices are currently available only in electronic distribution - paper invoices are not available. This will continue to be the case under the new Billing system, however the new invoice that you download or receive by e-mail will be easier to print.

NSCC will issue another Important Notice shortly, with specific details on the impact of this change including the schedule for deployment.

Please direct comments or questions about the Users Guide or any aspect of NSCC's Billing Modernization program to Dwight Arthur, Product Manager for NSCC Billing, at 212-855-1087, Dwight.Arthur@dtcc.com or contact your Relationship Manager.