Record 72.1 billion American and global depositary receipts, valued at $1.3 trillion, traded through June; 37 of 39 country BNY Mellon DR indices show positive returns year-to-date; Nearly 1,000 new DR programs established during the past year

NEW YORK, July 13, 2009 — American and global depositary receipt (DR) trading volume increased 14% to a record 72.1 billion DRs during the first six months of 2009 according to The Bank of New York Mellon, the world's leading depositary bank. As expected, DR trading value was significantly lower than records set one year ago. During the first six months of 2009 $1.3 trillion of DRs traded on U.S. and non-U.S. markets and exchanges. (1)

Total available DR programs grew by nearly half, rising to 3,096 from 2,149 a year ago, largely due to changes in U.S. regulations that made it easier to establish over-the-counter DR programs. Industry-wide, DR programs for issuers from 76 countries were available to investors at the half-year mark.

The Bank of New York Mellon ADR Index®, a widely accepted industry benchmark, was up 9.92% year-to-date and down 31.79% compared to a year ago.

"Despite incredible volatility in equity prices in the midst of ongoing global financial turmoil, depositary receipts have once again demonstrated their strength as a cross-border investment vehicle. Trading volume is higher year-over-year while trading value is beginning to rebound," said Michael Cole-Fontayn, chief executive officer of The Bank of New York Mellon's Depositary Receipt business. "Since mid-April, DR issuance has exceeded cancellation, in part because emerging equity markets have rebounded after substantial drops in 2008. The Bank of New York Mellon has retained its dominant position because it is delivering new and promising investment vehicles to the world's cross-border equity investors."

In line with global economic conditions, capital raisings were significantly lower. Issuers from five countries completed 13 new primary and follow-on DR offerings, raising nearly $5 billion. Through June 2009, companies from 20 countries established 38 new sponsored DR programs.

U.S.-Listed Market Remains the Largest DR Trading Market

The major U.S. stock exchanges -- the New York Stock Exchange (NYSE) and NASDAQ -- remained the largest markets for DR trading, comprising 90% of all DR trading value worldwide. A record 60.7 billion U.S.-listed DRs, valued at $1.17 trillion, traded on U.S. markets during the first half of 2009. Compared with 52 billion DRs, valued at $2.1 trillion at mid-year 2008, this represented an increase of 14% in DR trading volume and a decrease of 44% in DR trading value year-on-year. The most actively traded U.S.-listed DRs included Brazil's Petrobras and Vale, Taiwan's Taiwan Semiconductor Manufacturing, Finland's Nokia and Mexico's Cemex.

According to The London Stock Exchange, 8.4 billion DRs valued at $97.6 billion traded on the International Order Book (IOB) at the half-year mark, 4.3% lower and 67% lower, respectively, year-on-year. The IOB is the primary trading platform for both LSE- and Luxembourg Stock Exchange (LuxSE)-listed DRs. Of the top 10 most actively traded programs, seven were from Russia, including Gazprom, Lukoil and Norilsk Nickel. India's Reliance Industries, Kazakhstan's KazMunaiGas Exploration Production and Korea's Samsung Electronics were also among the top ten most actively traded. (1)

Over-the-counter (OTC) and other DR trading value totaled more than $32.1 billion. The most active OTC-traded DR issues included Switzerland's Nestle and Roche, Japan's Nintendo, and Russia's Gazprom and Lukoil.

Total Non-U.S. Investment Value down 39% Year-Over-Year

As of March 31, 2009, according to statistics released in June by the U.S. Federal Reserve, the total amount of U.S. investment in equities decreased 39% year-on-year to approximately $14 trillion, while the value of U.S. investment in non-U.S. equities (both DRs and non-U.S. shares) decreased 49% to about $2.4 trillion. At the same time, non-U.S. equities accounted for 17.1% of all equity investment in the U.S., a decrease of 3.4% from the same time last year.

The largest U.S.-listed DR programs were Brazil's Petrobras with nearly $36 billion in investment, the UK's BP and Royal Dutch Shell with nearly $35 billion and $21 billion, respectively, and Israel's Teva with nearly $32 billion.

Asia-Pacific Region Leads DR Capital Raisings

During the first six months of the year, 13 initial and follow-on DR offerings by non-U.S. companies and governments raised nearly $5 billion. Issuers from China and India completed the most offerings, with five and three, respectively. Asahi Infrastructure & Projects, Changyou.com, ChemSpec, Duoyuan Global Water Inc, IKF Technologies, Suntech Power, Vishal Information Technologies and Yingli Green Energy raised a combined $1.5 billion on U.S. and non-U.S. exchanges.

Luxembourg's ArcelorMittal and China's Changyou.com were among the year's most notable DR transactions. Changyou.com was the year's first new U.S.-listed DR IPO on the NASDAQ, while ArcelorMittal's secondary offering raised more than $3.2 billion on the NYSE.

The UK and China Lead New DR Program Establishment

During the first half of 2009, 192 new sponsored and unsponsored DR programs for issuers from 32 countries were established, an increase of 91 programs from the same period last year. The increase is largely due to the aforementioned amended SEC regulation changes. Of 2009's new DR programs, eight were listed on stock exchanges -- three in the United States and five in Europe. The remaining DR programs trade on various OTC markets.

The UK led with 32 new programs, followed by 26 from China, 24 from Hong Kong and 15 from Indonesia. Of the U.S. OTC programs established in the first half of 2009, one, Australia's CMA Corporation, chose to list its OTC-traded ADR program on the OTCQX platform.

The Bank of New York Mellon ADR Index Performance

During the first half of 2009, overall DR performance began to rebound as tracked by The Bank of New York Mellon ADR Index. On June 30, 2009, the Composite ADR Index closed at 145.98, up 9.92% year-to-date, while down 31.79% year-to-year. At the mid-year mark, the Composite ADR Index had 352 constituents and a free-float market capitalization, as defined by Dow Jones & Company, in excess of $4.2 trillion.

As the only real-time index to track all DRs, New York Shares and global registered shares traded on the NYSE, NYSE Amex and NASDAQ, The Bank of New York Mellon ADR Index has become a widely-followed international benchmark. Thirty-seven of the 39 country indices were up year-to-date, with the Russia Select DR Index and Brazil ADR Index each finishing up more than 50% year-to-date. China's Baidu was the half-year's best-performing ADR Index constituent, returning 170.52%. Other top-performing index constituents included the UK's Rio Tinto, up 74.96%, and Thomson Reuters, up 35.79%. An additional 14 constituents returned more than 20% during the past six months, including nine from the BRIC (Brazil, Russia, India, China) countries.

Demand for more exchange-traded funds (ETFs) based on DRs was evidenced by the creation of The Claymore/BNY Mellon EW Euro-Pacific LDRs ETF, which tracks The Bank of New York Mellon New Euro-Pacific Select ADR Index. This new index was launched April 1, with 112 constituents representing 19 countries from two regions.

                                              June 30,
                                                 2009    Six-Month   One-Year
    Index                                       Close       Change     Change

    The Bank of New York Mellon
     Composite ADR Index                       145.98         9.92     -31.79
    The Bank of New York Mellon Europe
     ADR Index                                 142.09         4.45     -33.43
    The Bank of New York Mellon Asia ADR
     Index                                     125.79        14.73     -26.85
    The Bank of New York Mellon Latin
     America ADR Index                         391.06        42.13     -36.60
    The Bank of New York Mellon Emerging
     Markets ADR Index                         307.43        29.64     -28.98
    The Bank of New York Mellon
     Developed Markets ADR Index               104.78         5.57     -32.52

The Bank of New York Mellon's DR Leadership

During the first six months of 2009, The Bank of New York Mellon continued its depositary leadership position across all metrics, acting for 62% of all new sponsored DR programs, 45% of all DR capital-raising transactions, 80% of DR capital-raising value, and 47% of global DR trading volume.

In March, The Bank of New York Mellon acted as Subscription Agent for HSBC's $18 billion registered rights offer, which was unique in that it was the first time the new compressed timetable under the UK's Financial Services Authority Listing Rule 9.5.6R was employed in connection with a U.S. registered rights offer. In addition, the event employed the use of Rule 173 under the U.S. Securities Act of 1933, as amended, which meant investors could access the prospectus on-line. The combination of these aspects meant that DR holders were able to elect within a tight eight-day period.

The Bank of New York Mellon continued to attract experienced DR issuers as the Bank became the depositary for the combined Itau Unibanco Multiplo, created by the merger between Banco Itau and Unibanco and now the largest bank in the southern hemisphere as measured by market capitalization. In addition, The Bank of New York Mellon was selected as depositary bank for the establishment of Anheuser-Busch InBev's ADR program. AB InBev is the leading global brewer and one of the world's top five consumer products companies. Overall, 180 issuers have switched 219 DR programs to The Bank of New York Mellon from other depositary banks since 1990.

The Bank of New York Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.bnymellon.com/dr.

The Bank of New York Mellon Corporation (NYSE: BK) 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 $19.5 trillion in assets under custody and administration, $881 billion in assets under management, services more than $11 trillion in outstanding debt, and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.

(1) Research Approach: The total value of DR investment is derived by multiplying DRs outstanding by DR price. All DR price figures are publicly available from the applicable stock exchange or trading market. The number of DRs outstanding for The Bank of New York Mellon DR programs was derived from internal reporting sources. The number of DRs outstanding from non-Bank of New York Mellon sponsored U.S.-listed issues was derived from publicly available figures provided by the NYSE and NASDAQ. DRs outstanding for European-listed and OTC-traded issues that are not serviced by The Bank of New York Mellon were estimated by The Bank of New York Mellon using publicly available information including, but not limited to, company reports and SEC 13-F shareholder data.

This release is for informational purposes only. The Bank of New York Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.