LONDON, October 26, 2007 — Mellon Transition Management (MTM) has welcomed the establishment of the T-Charter, the industry Code of Best Practice for Transition Managers, as the most significant event in the transition management industry in Europe this decade. Announced on Monday 22 October, the introduction of the T-Charter follows a period of sustained growth in the numbers of transition managers and the difficulties associated with comparing services and cost estimates from both buy-side and sell-side providers.

The T-Charter is a minimum set of standards with which transition managers may choose to comply in the performance of their transition management activities and is designed to enable clients to more accurately compare proposals from transition managers. The standards relate to the issues around disclosure and conflicts of interest, client confidentiality, resources, systems and processes, cost estimation, remuneration, dealing strategy and practices, evaluation, errors and compliance.

MTM has a reputation throughout the industry for providing clients with high levels of transparency and standards of disclosure. Executives from MTM have worked in tandem with other transition managers to precipitate this new charter and will adopt the principles in its arrangements with clients going forward.

Mark Keleher, President of San Francisco-based Mellon Transition Management, stated that in addition to providing clients with a much-needed checklist prior to undertaking a transition event, it should also lead to greater revenue disclosure from transition managers.

He commented: "This is a good start and the T-Charter provides clients with a comprehensive 'check list' from which to base their selection. Mellon Transition Management would be keen to endorse an even stricter code of conduct to further safeguard client interests and ensure they receive only the very best service available. We will continue our leadership role in pushing for more transparency and full revenue disclosure."

Winners of 'Best Transition Manager Overall among plans under $3 billion' — Global Investor Awards 2007, MTM is offered internationally through BNY Mellon Asset Management, the asset management subsidiary of The Bank of New York Mellon.

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.

All information source BNY Mellon Asset Management International Limited as at 30 September 2007 unless otherwise stated.
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