NEW YORK, June 15, 2010 — In response to the Securities and Exchange Commission's (SEC) proposed changes to Regulation AB for asset-backed securities, BNY Mellon has introduced new modeling and reporting capabilities that would allow issuers to comply with the complex and technical requirements of the SEC proposals.

In response to investor demand, the SEC has proposed that materials for public offerings of asset-backed securities contain specified asset-level information about each of the assets in the pool. The asset-level information would be provided according to proposed standards and in a tagged data format using extensible Markup Language (XML). In addition, the SEC would require the filing of a computer program of the contractual cash flow provisions expressed as downloadable source code in Python, a commonly used open source interpretive programming language.

Through its new capabilities, BNY Mellon can offer issuers waterfall models in the Python programming language, loan-level details in XML, a cash-flow projection engine that supports loan-level default and prepayment modeling, and a desktop application making models and data publicly accessible to users world-wide. BNY Mellon has prepared a free online demonstration by modeling the recent Sequoia Mortgage Trust 2010-H1 mortgage securitization, which is available at is www.portfinsys.com.

"If these proposed changes are adopted, issuers of asset-backed securities will need to comply with complex reporting requirements that they are not currently equipped to meet. We believe we are the first company to develop this capability and we look forward to working with clients in the future should the proposed changes become law," said Douglas Magnolia, managing director at BNY Mellon's QSR Management unit.

Regulation AB is a comprehensive set of rules and amendments that address the registration, disclosure and reporting requirements for asset-backed securities.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE:BK). BNY Mellon 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. BNY Mellon 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 $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.