Investors benefit from new service that links broker-dealers, fund managers, transfer agents and custodians

JERSEY CITY, N.J., June 3, 2008 — BNY Mellon Shareowner Services and Pershing LLC announced today that they are the first participating members of the Alternative Investment Product (AIP) Service. This new service is offered through the National Securities Clearing Corporation (NSCC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC).

The AIP Service is designed to streamline the end-to-end administration of alternative investment products such as hedge funds, fund of funds, private equity, real estate investment trusts (REITs) and limited partnerships. The enhanced administration includes pre-trade fund profiles, trade subscription documentation and money settlement and post-trade ongoing position and valuation detail. Pershing and BNY Mellon Shareowner Services will provide the AIP Service to their respective customers using complementary platforms and technology.

Gerald Gregorio, managing director in the customer processing and services group at Pershing, said, "The market for alternative investment products represents more than $2.7 trillion in assets and has grown significantly since 2000, while its administration has remained largely manual with one-off processes within broker and administrator organizations. This new AIP Service effectively addresses the operational issues that challenge broker-dealers, registered investment advisors, money managers and sponsors and will enable us to provide them with account statements that report alternative investments in the same manner as common stocks and mutual funds. The end result is that our customers will be able to better manage their clients' alternative investment positions in a more effective and efficient manner."

"FundSERV® and NSCC streamlined the clearing, reporting and administration of mutual funds, and we think that NSCC's AIP will have the same positive affect on alternate and direct investment administration," said Kyle Kerbawy, managing director from BNY Mellon Shareowner Services. "From an administration standpoint, AIP makes alternative investments a mainstream investment."

Kerbawy added, "This new platform provides a central clearing facility for operational functions, automating certain pre-trade data collection and all processes related to trade orders, account settlement and post-trade reporting. This streamlined administration eliminates many manual administrative processes previously required for position reconciliation and processing of dividend and broker commission payments, and parallels the more efficient payment process used by other asset classes reported through the NSCC."

In addition to its top-ranked stock transfer services, BNY Mellon Shareowner Services offers a comprehensive suite of products and services ranging from record keeping and corporate actions to demutualizations, direct investment, dividend reinvestment, proxy solicitation and employee stock plan administration. BNY Mellon Shareowner Services is part of The Bank of New York Mellon's Issuer Services group, which is also a leading provider of corporate trust services, serving $11 trillion in outstanding debt, and is the market leader in depositary receipts with more than 1,270 sponsored programs.

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 19 offices worldwide, Pershing is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. 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.

The Depository Trust & Clearing Corporation, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties who market these products. DTCC's depository provides custody and asset servicing for 3.5 million securities issues from the United States and 110 other countries and territories, valued at $39 trillion. Last year, DTCC settled more than $1.8 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit http://www.dtcc.com/.