New Star, Newton Investment Management, Rensburg Fund Management and Schroders among first fund managers with funds available on Nexus Funds

LONDON, September 6, 2007 — Pershing Limited, an affiliate of Pershing LLC and a unit of The Bank of New York Mellon, has launched Nexus Funds, an innovative, no-transaction fee mutual fund solution that provides clients with a single access point to global funds.

Through Nexus Funds, private client wealth managers can buy and sell a variety of global funds. Dealing and settlement fees, in addition to custody fees on new assets, are waived for eligible deals in UK-registered funds that utilise the solution. These deals also benefit from guaranteed contractual settlement and consolidated trailer fee payments, ensuring predictable settlement dates and streamlining clients' payment processes.

Nexus Funds is fully integrated with Pershing Nexus®, a browser-based platform that provides a whole of market offering with integrated execution, settlement and custody services across all major instrument types including fixed income, equities, foreign exchange and funds.

Clients will also benefit from Pershing's FIX connection to the EMX Message System, developed by EMXCo., the market infrastructure of choice for funds messaging. The message system automates fund processing and in July 2007 routed over 1.7 million messages, equating to over euro 6 billion in funds flow. The EMX Message System enables Nexus Funds to offer straight- through processing of mutual fund orders, enhancing deal accuracy and leading to more predictable settlement cycles. Clients can also take advantage of specially developed Pershing Nexus® order-entry screens which eliminate the need to issue separate instructions to each fund company and provide an audit trail of fund orders.

Charles van der Merwe, chief executive officer of Pershing Limited, said, "With Nexus Funds, not only is fund dealing faster and settlement dates more predictable, but the costs and errors typically associated with fund transactions are dramatically reduced. We are delighted that New Star, Newton, Rensburg Fund Management and Schroders are among the first fund managers with funds available through the solution. We are in final discussions with many other industry-leading fund companies to provide our clients with a fast, cost-effective way of accessing a broad spectrum of global markets through UK-registered funds."

Pershing Limited provides broker-dealers, asset managers and financial institutions across Europe with a comprehensive range of products, services and solutions including retail clearing, fully disclosed institutional global clearing, broker services and execution services. Established in London in 1987, Pershing Limited and its subsidiary, Pershing Securities Limited, are members of the London Stock Exchange and Euroclear UK & Ireland. Pershing Limited has direct memberships with LCH.Clearnet and Virt-X. Pershing Securities Limited is a member of Deutsche Borse, Eurex Clearing and Clearstream. Pershing Limited is an affiliate of Pershing LLC, a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organisations and independent investment advisers who collectively represent over five million active investors.

Pershing LLC (member FINRA/NYSE/SIPC) is a member of every major U.S. securities exchange, and a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at http://www.pershing.co.uk/.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and move their financial assets, operating in 37 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 and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and more than $1 trillion in assets under management. Additional information is available at http://www.bnymellon.com/.