JERSEY CITY, N.J., December 9, 2008 — Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has launched a new Advisor in Transition practice management program. The program is designed to help wirehouse advisors explore alternative affiliation models and provide them with tools and solutions to make a seamless transition to a new organization. These alternative affiliation models include joining or establishing a broker-dealer firm, joining or establishing an independent registered investment advisory (RIA) practice or establishing a hybrid firm that offers both commission and fee-based services.

The Advisor in Transition program enables wirehouse advisors to obtain objective career transition information and key insights into business strategies. It also helps wirehouse advisors address critical business decisions ranging from selecting the appropriate affiliation model, corporate structure and staffing plans, to developing an appropriate operational and technology infrastructure. Key features of the program include:

• A sophisticated portal, www.advisorintransition.com, that provides wirehouse advisors with a centralized, one-stop resource to help them prepare for a transition, evaluate their options and consult directly with industry experts;
   
• The Business Model Evaluator, an online tool developed in collaboration with Moss Adams LLP, that utilizes a sophisticated algorithm to help wirehouse advisors determine the affiliation model that best matches their profile and business objectives. Advisors are equipped with actionable information to help them launch their own introducing broker-dealer or RIA firms or identify an existing introducing broker-dealer or RIA firm that is affiliated with Pershing LLC or Pershing Advisor Solutions LLC, and well suited to meet their goals and objectives;
   
• Confidential access to industry specialists who are qualified to answer questions on topics related to compliance, financing, making a transition, marketing and establishing a business. Wirehouse advisors can also benefit from Pershing's ValueAlliance® program which offers preferred pricing and access to a wide range of solutions from an extensive network of leading third-party firms and consultants;
   
• An interactive financial modeling tool that generates detailed profit and loss and cash flow projections, and incorporates important economic and business factors that need to be considered when making a transition. Criteria range from the type of firm and optimal revenue model desired, to compensation benchmarks for staff, and typical expenditures for technology, operations, compliance and office space; and
   
• A broad array of self-service tools and practice management support, including detailed guidebooks that walk an advisor through the process of going independent, webcasts on critical topics relating to these processes and events designed to help wirehouse advisors navigate the transition process and make the most informed and successful move.

Jim Crowley, managing director of the national customers group at Pershing LLC, said, "Our Advisor in Transition program is designed to introduce our broker-dealer customers to wirehouse advisors considering an alternative affiliation and communicate the benefits of these alternative models. We will continue to work closely with our customers to help them drive future business development and capitalize on top talent transitioning from wirehouse firms in search of models that offer access to vast resources and solutions."

Mark Tibergien, chief executive officer of Pershing Advisor Solutions LLC, added, "Many advisors are confronted by numerous, unfamiliar business challenges when considering a change of affiliation, or establishing a new firm. Advisor in Transition offers access to an unprecedented level of solutions, expertise and practice management support that will help advisors make confident decisions and smooth transitions regardless of the affiliation models they choose."

Advisor in Transition is a component of Pershing's innovative TalentConnect(SM) recruitment and retention program. TalentConnect offers a wide range of tools, resources and consulting services to address every phase of an investment professional's life cycle, from recruitment to succession planning. For more information about the Advisor in Transition program, please e-mail Pershing at advisorintransition@pershing.com.

Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Located in 19 offices worldwide, Pershing is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at www.pershing.com.

Pershing Advisor Solutions LLC (member FINRA/SIPC) is an affiliate of Pershing LLC and a leading provider of financial business solutions to independent, fee-based registered investment advisors and dually-registered advisors working in conjunction with many of Pershing LLC's introducing broker-dealer customers. Additional information is available at www.pershingadvisorsolutions.com.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, approximately $1.1 trillion in assets under management and services approximately $12 trillion in outstanding debt. Additional information is available at www.bnymellon.com.