LONDON, September 10, 2007 — Statistics published by BNY Mellon Asset Servicing show that currency overlay managers achieved a median excess return of 0.78% during quarter two of 2007. This represents the third consecutive quarter of average outperformance and is the strongest return over the last 10 quarters (since the end of 2004).

This latest analysis, to the end of June 2007, reveals that currency overlay managers achieved median excess returns of 1.25% p.a. and 0.27% p.a. over one and three-year periods respectively. Over five years to 30 June 2007, these managers achieved an average outperformance of 0.22% p.a. and they were even more successful over a 10-year period, with a median excess return of 0.35% p.a.

Currency overlay strategies have recently been brought into the spotlight, as investors seek to reduce their exposure to the currency risk resulting from increased investment in overseas equities. To illustrate, at the end of June 1997 UK pension funds held 22.3% of their assets in overseas equities, however by the end of June 2007 this had risen to 28.4%.

Daniel Hall, BNY Mellon Asset Servicing's Publications and Statistics Manager said, "Currency movements can have a significant impact on overseas investment performance. In quarter two, the dollar fell by 2.2% against sterling, while the yen fell by 6.5%. In both cases, UK investor performance was adversely affected."

Each quarter, BNY Mellon Asset Servicing publishes the results of its Currency Overlay Manager Profile Analysis. This survey examines the overall excess returns achieved by active currency overlay managers against benchmark, across different styles, hedge ratios and base currencies. The results of this survey have now been published for the quarter ending 30 June 2007.

The Currency Overlay Manager Profile Analysis is a BNY Mellon Asset Servicing service. The universe includes accounts from 20 separate asset managers with a total asset value in excess of $101 billion.

The performance analysis and other information in this press release are based on historical data and are intended for informational purposes only. Past performance is not a guarantee of future performance. This press release does not constitute investment advice, nor is it an offer or recommendation of any security, investment product, service or firm.

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialised asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through The Bank of New York, Mellon Bank, N.A. and other related companies.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and move 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 and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and more than $1 trillion in assets under management. Additional information is available at www.bnymellon.com.