Lockwood Advisors, Inc. Leverages Independent Research from Standard & Poor's Investment Advisory Services

MALVERN, Pa., April 23, 2008 — Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has launched Lockwood AdvisorFlex Portfolios™ (AdvisorFlex), a new and innovative unified managed account program for financial advisors. The program is a component of Pershing Managed Account Solutions and is offered through Pershing's affiliate, Lockwood Advisors, Inc. (Lockwood).

The AdvisorFlex program, which leverages the resources and experience of Lockwood and Standard & Poor's Investment Advisory Services LLC (SPIAS), provides advisors with choice and flexibility in tailoring investor portfolios by allowing them to use a selection of suggested investments or substitute pre-screened alternatives. AdvisorFlex combines investment research and model allocations from SPIAS, with ongoing investment review and oversight from Lockwood, and enables advisors to offer their clients a selection of professionally managed portfolios designed to meet a wide variety of investment objectives. The program's portfolios are diversified at the asset class level and among different security types.

Jim Seuffert, chief executive officer of Pershing Managed Account Solutions, said, "Today's advisors find themselves juggling the competing demands of prospecting for new business and providing day-to-day investment oversight for their clients' portfolios. AdvisorFlex offers our customers a highly disciplined portfolio construction and management process that will help them maximize their productivity and grow their practices."

Larry Neal, executive managing director of Standard & Poor's Equity Research, added, "Pershing offers one of the industry's most comprehensive suites of managed account solutions for financial institutions and independent registered investment advisors. We are pleased to collaborate with the team at Lockwood to provide advisors with access to our model portfolios and independent investment research through the AdvisorFlex program."

Pershing Managed Account Solutions provides introducing broker-dealer firms, investment professionals and independent registered investment advisors with access to a comprehensive suite of managed account solutions and services. It encompasses all of the fee-based advisory services available through the Pershing platform, 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 platforms.

Lockwood Advisors, Inc. is a leading provider of fee-based managed account solutions to financial institutions and registered investment advisors. As a program sponsor, Lockwood offers access to some of the industry's leading investment managers; provides independent research on separate account managers; and helps investment professionals to develop investment solutions for their investor clients. Lockwood Advisors, Inc. is an SEC registered investment advisor and an affiliate of Pershing LLC.

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. 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.

In 1995, Standard & Poor's Investment Advisory Services LLC (SPIAS), a registered investment advisor, was established as a subsidiary of The McGraw- Hill Companies, Inc. for the express purpose of providing investment advice to the financial community. Today, SPIAS' investment advice is widely used by brokerage firms, mutual funds, insurance companies, retirement plans, financial planners and other financial services professionals. SPIAS does not provide advice to underlying clients of the firms to which it provides services. SPIAS is not responsible for client suitability. Investments in AdvisorFlex portfolios are not endorsed, sold or promoted by SPIAS and its affiliates, and SPIAS and its affiliates make no representation regarding the advisability of investing in AdvisorFlex portfolios.

Standard & Poor's, a division of The McGraw-Hill Companies, is a foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an important part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit standardandpoors.com.