JERSEY CITY, N.J., January 10, 2008 — Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that Steve Dunlap has joined the firm as a managing director and chief operating officer of Pershing Managed Account Solutions. Mr. Dunlap will be responsible for operations and technology for Pershing's fee-based managed account solutions.

Mr. Dunlap brings more than 18 years of financial services experience to Pershing. Most recently, he served as president of Finetre Corporation, where he played an integral role in positioning the firm as a leading provider of online annuity and life insurance transaction processing, workflow management and regulatory compliance platforms to major brokerage firms and insurance companies. Prior to joining Finetre, Mr. Dunlap was an executive vice president at Thomson Financial, where he was responsible for managing the business development, product management, international expansion and technology initiatives across three divisions within its CDA/Weisenberger unit. Before that, he served as vice president of product management focused on technology solutions for investment professionals. He began his career as a branch manager at First Virginia Bank and later was a broker at Legg Mason Wood Walker, Inc.

Jim Seuffert, chief executive officer of Pershing Managed Account Solutions, said, "Our introducing broker-dealer and independent registered investment advisor customers continue to express strong demand for scalable, high-quality managed account solutions and services. Steve's extensive product management, business development and technology experience, coupled with his broad knowledge of the financial services industry, will help us grow our business and extend our market-leading position in the managed account market."

Pershing Managed Account Solutions offers introducing broker-dealer firms, investment professionals and independent registered investment advisors a comprehensive suite of managed account solutions and services. It encompasses all of Pershing's fee-based advisory and non-advisory services, including Lockwood's turnkey and customized managed account offerings and industry- leading solutions from third-parties via Pershing's Managed Account Network and Managed Account Direct platform.

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. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 18 offices worldwide, Pershing is committed to service excellence and to providing dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions and practice management support. 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 pershing.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 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.