NEW YORK and SYDNEY, November 28, 2011 — BNY Mellon, the global leader in investment management and investment services, has agreed to acquire Penson Financial Services Australia Pty Ltd (PFSA), which will become an affiliate of Pershing, a BNY Mellon company. PFSA is a clearing firm that offers execution and clearing services and also provides processing for local exchange-traded equities and exchange-traded options. PFSA is being acquired in a $33 million share purchase transaction that is expected to close in the fourth quarter of 2011, subject to regulatory approval.

Pershing, a provider of financial business solutions to more than 1,500 institutional and retail financial organizations globally, also is the leading provider of global execution and clearing services, technology and investment solutions to retail and institutional financial institutions, investment professionals and the wealth management community. As a result of this deal, Pershing will become the number-one fully disclosed retail clearing firm in the U.S., UK, Ireland and Australia. It also will give Pershing's operations a significantly larger footprint in Australia, the world's 14^th largest economy and the eighth largest equity market, and also will provide strong prospects for growth in the advisory and retirement spaces.

"Acquiring a firm with strong growth prospects in such an important geography is a compelling global expansion opportunity. The deal allows us to build upon BNY Mellon's existing presence in Australia, where we see great growth prospects in the investment services business broadly and the broker-dealer and advisor markets specifically," said Brian T. Shea, Pershing's chief executive officer.

"Australia is strategically important to BNY Mellon in Asia-Pacific, both to continue our local franchise growth and to support our clients' objectives," added Steve Lackey, chairman of Asia-Pacific, BNY Mellon. "The acquisition of PFSA adds new capabilities for our institutional clients and reflects our continuing investment in the region."

BNY Mellon has been active in Australia for more than 35 years, delivering a variety of asset management, payment, trustee, depositary receipt, clearing and global custody services to Australian banks, institutional investors, listed corporations and broker-dealers. The company has offices in Sydney, Rosebery NSW and Melbourne.

In addition to providing clearing services in Australia, PFSA holds an Australian Financial Services License, is a market participant of the Australian Stock Exchange and a clearing participant of the Australian Clearing House.

The Penson Worldwide group of companies provides execution, clearing, custody, settlement and technology infrastructure products and services to financial services firms and others servicing the global financial services industry. The Penson Worldwide group of companies includes Penson Financial Services, Inc., Penson Financial Services Canada Inc., Nexa Technologies, Inc., Penson Financial Services, Ltd., Penson Asia Limited, and Penson Financial Services Australia Pty Ltd, among other companies. Headquartered in Dallas, Texas, Penson has served the clearing needs of the global financial services industry since 1995.

Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,500 institutional and retail financial organizations and independent registered investment advisors who collectively represent more than five million active investors. Located in 21 offices worldwide, Pershing and its affiliates are 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 BNY Mellon company. Additional information is available at www.pershing.com.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com and through Twitter @BNYMellon.

This press release contains statements that are considered "forward-looking statements." These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, aspects of the acquisition including the expected closing date for the transaction, the effect on Pershing's and BNY Mellon's position in the market and other implications of the announced transaction. These forward-looking statements are based on current beliefs and assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond BNY Mellon's control). For additional information with respect to risks and other factors that could cause BNY Mellon's results to differ materially from those described in the forward-looking statements, see the risk factors set forth in BNY Mellon's Annual Report on Form 10-K for the year ended Dec. 31, 2010 and its other filings with the Securities and Exchange Commission. All statements in this press release speak only as of November 28, 2011, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after November 28, 2011 or to reflect the occurrence of unanticipated events.