JERSEY CITY, N.J., April 21, 2008 — Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has launched a redesigned order-entry system for its Subscribe® annuity platform. This innovative solution will help Pershing's introducing broker-dealer customers and their investment professionals process, service and maintain annuity contracts in a more efficient and effective manner.

Subscribe is accessible through NetExchange Pro®, Pershing's online brokerage platform for introducing broker-dealer firms and their investment professionals. The new order-entry system provides Pershing's customers with a customizable, open architecture suitability questionnaire that offers greater oversight of the annuity transaction process, and helps them satisfy important regulatory requirements, including those mandated by Rule 2821 from the Financial Industry Regulatory Authority (FINRA). Introducing broker-dealer firms will also benefit from the ability to create tailored review and supervisory approval procedures to help them document and maintain a complete audit trail of each transaction and eliminate the manually-intensive challenges that are typical when processing annuities.

Pershing's new Subscribe platform offers introducing broker-dealer firms and their investment professionals a broad array of real-time capabilities to help them grow their annuity business. Subscribe enables Pershing's customers to access annuity products from 90% of the top 20 insurance carriers. Key features include:

  -- A robust, rules-driven workflow engine that collects and pre-populates
     required paperwork and stores critical transaction information online;
  -- Rigorous workflow procedures that prevent flawed transactions from
     being submitted for approval which in turn helps to increase
     operational efficiency and productivity;
  -- Electronic routing of annuity orders to Principals and the home office
     for review and approval;
  -- Notifications and alerts regarding order status and pending orders; and
  -- Same-day settlement and commission processing for annuity transactions
     via The Depository Trust & Clearing Corporation's Insurance Processing
     Service.

Ron Fiske, managing director of the product management and development group at Pershing, said, "Our new Subscribe platform will help to revolutionize the way in which our customers can process, service and maintain annuities on behalf of their clients' accounts. These new capabilities continue to move us closer to NAVA's straight-through-processing model and reinforce our commitment to provide introducing broker-dealers and their investment professionals with industry-leading tools and technology solutions that help them grow their businesses and meet their clients' retirement needs."

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 http://www.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 $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt. Additional information is available at bnymellon.com.