Chairman Corey Griffin to Increase Emphasis on Evolving Client Needs

BOSTON, October 24, 2007 — David H. Cameron has been promoted from chief investment officer to chief executive officer and president of The Boston Company Asset Management, LLC (TBCAM), an investment subsidiary of The Bank of New York Mellon Corporation. Corey A. Griffin, who had been chairman and chief executive officer, made the announcement today and said he will retain his position as chairman. Cameron will report to Griffin.

Griffin said the personnel moves will afford him the opportunity to devote more time conducting discussions with clients, consultants and distribution partners to assess their evolving investment needs; positioning TBCAM as a leader in providing creative high alpha solutions; and preserving and enhancing the firm's global footprint through the BNY Mellon multi-channel distribution model.

"The appointment of Dave Cameron as chief executive officer and president is a formal recognition of the perspective and leadership that he has brought to our firm and the important role he will play going forward," Griffin said. "In partnership with our clients, Dave will lead the development of investment solutions that achieve their objectives in an environment of persistently low returns. We also will look to Dave to generate new ideas about how to source alpha and beta. He is the ideal person to direct our firm in this undertaking based on his leadership abilities, considerable investment experience, and knowledge of the markets."

Cameron has nearly 30 years of experience in investment management. He joined Standish, Ayer & Wood, now Standish Mellon Asset Management in the investment management group of BNY Mellon Asset Management, in 1987. His responsibilities have included chief equity officer and portfolio manager at Standish, where he oversaw U.S. and non-U.S. portfolio management teams, and director of the core and growth strategies at TBCAM. As chief executive officer, he will be responsible for the day-to-day management of the firm and, specifically, for creating an organizational framework that further aligns the firm with the evolutionary changes in the money management business. He was awarded a bachelor's degree in economics and political science by St. Lawrence University and is a CFA charter holder.

"I am grateful for this exciting opportunity to lead one of the most client-focused asset management firms in our industry." Cameron said. "Under Corey's leadership, TBCAM has skillfully transformed its operating model and brand into a full-scale, broad-based fundamental equity firm. One of my immediate goals as CEO is to ensure that we don't rest on our laurels and continually seek to build out our capabilities to meet the future needs of our clients, employees and shareholders."

As part of the firm's long-term strategic planning, Griffin and Cameron will work to develop a structure that supports the generation of alpha to solve the increasingly complex needs of clients who require excess returns to meet their objectives amid a persistently low-return environment, side-by-side with the existing robust "long-only" business.

"As the pace of the industry transformation accelerates over the next several decades, the boundaries between long-only investing and alternative strategies will continue to blur," Cameron said. "The pursuit of alpha fuels demand for hedge funds, 130/30 strategies, structured products, alpha transport (or portable alpha) and related approaches. At the same time, the firm provides solutions to suit the investment needs of an expanding client base, including defined benefit, endowment and foundation, defined contribution, as well as retail and insurance clients."

Ronald O'Hanley, president and chief executive officer of BNY Mellon Asset Management and vice chairman of The Bank of New York Mellon, said, "The Boston Company Asset Management has truly global reach serving multiple markets with a broad mix of fundamental equity strategies. Splitting the roles of chairman and chief executive officer adds more leadership and ensures that opportunities will be exploited while laser focus remains on investment performance. The partnership of Corey Griffin and Dave Cameron will enable TBCAM to achieve even greater accomplishments as we move forward."

In a related announcement, John Truschel, CFA, was promoted from director of portfolio strategy to chief investment officer, succeeding Cameron in that role. Truschel's tenure with Cameron dates back to 1997. He joined TBCAM from Standish Mellon in 2003 as portfolio strategist for the international core equity team and was an important contributor to the team's success over the past four years. At Standish, he chaired the firm's asset allocation committee and, as well as being a portfolio manager on multi-strategy accounts.

Prior to that, Truschel was senior analyst with The Tower Group and product manager at Fidelity Investments, where his duties included developing asset allocation products for the intermediary marketplace. Additionally, the firm is conducting an extensive search for a director of portfolio strategy to succeed Truschel. Truschel was awarded a bachelor's degree by Westminster College and an MBA by the University of Pittsburgh. He is a chartered financial analyst charter holder and a member of the Boston Security Analysts Society

The Boston Company Asset Management, a BNY Mellon Asset Management business unit, manages more than $65 billion in assets for more than 450 clients worldwide. It provides investment management services for corporate, public, mutual funds and Taft-Hartley retirement plans, endowments and foundations.

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 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, clearing services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.