The Bank Of New York Mellon Corporation Supports Its Clients

As a result of recent market events, The Bank of New York Mellon Corporation will provide support to clients invested in money market mutual funds, cash sweep funds and similar collective funds impacted by the Lehman Brothers bankruptcy filing. In

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As a result of recent market events, The Bank of New York Mellon Corporation will provide support to clients invested in money market mutual funds, cash sweep funds and similar collective funds impacted by the Lehman Brothers bankruptcy filing.

In this action taken on behalf of its clients, the Company will be issuing support agreements related to five commingled cash funds used primarily for overnight custody cash sweeps and one fund used for the reinvestment of cash collateral within the Company’s securities lending business. In addition, the Company issued support agreements for four Dreyfus money market mutual funds that were previously disclosed on 17 September 2008. The support agreements are designed to enable these funds with Lehman holdings to continue to operate at a stable share price of $1.00.

The Company expects to incur an after-tax charge of approximately $425 million in the third quarter. This charge includes additional costs associated with previously disclosed capital support agreements that were outstanding at the end of the second quarter.

“These actions will provide support to our clients and, given our size and industry leadership, will hopefully contribute to greater stability in the overall market,” says Robert P. Kelly, chairman and chief executive officer. “We have helped clients navigate through all market conditions for more than 200 years, and we have the financial strength to support them now in the face of unprecedented market turmoil. While we are disappointed that the cost of these actions will impact our quarterly results, we feel this is an important investment in our client relationships. We expect to remain profitable in the third quarter and are well-positioned to continue serving our clients and aggressively growing our global franchise.”

Support is being provided to investors in the following funds:

– DF Temporary Investment Fund, EB SMAM Short Term Investment Fund, EB Temporary Investment Fund, EB Daily Liquidity Money Market Fund and The Pooled Employee Daily Liquidity Fund, all of which are commingled cash funds used primarily for overnight custody cash sweeps;

– The BNY Mellon Institutional Cash Reserve Fund, a fund used for the reinvestment of cash collateral within the company’s securities lending business;

– Dreyfus Liquid Assets Inc., Dreyfus BASIC Money Market Fund Inc., Dreyfus Worldwide Dollar Money Market Fund, Inc., and Dreyfus Cash Management Plus, Inc., all of which are money market funds with support agreements that were previously disclosed.

During the recent period of market turmoil, the Company’s balance sheet has seen an increase in client deposits, reflecting a flight to quality. This has increased the Company’s percentage of liquid assets to total assets to above 50%. The Company expects to end the quarter with a Tier 1 capital ratio of approximately 9% and an average tangible capital ratio in excess of 4%.

D.C.

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