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A.M. Best Affirms Ratings of BNY Trade Insurance Ltd.

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FOR IMMEDIATE RELEASE

OLDWICK, NEW JERSEY, U.S.A., Oct. 9, 2008—A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of BNY Trade Insurance Ltd. (BNY Trade Insurance) (Hamilton, Bermuda).
The outlook for both ratings is stable.

The ratings reflect BNY Trade Insurance’s strong capitalization, consistent positive operating results and conservative operating strategy. Partially offsetting these positive rating factors are the company’s limited market scope, product mix and BNY Trade Insurance’s substantial concentration in the investment of its assets. An additional offsetting rating factor is BNY Trade Insurance’s large (gross) underwriting exposures as it offers very high gross insurance limits and insures excess bankers’ professional liabilities with substantial insured values.

The ratings recognize BNY Trade Insurance’s excellent business position with its close ties to its parent, The Bank of New York Mellon Corporation, (BNY Mellon) [NYSE: BK], a leading global financial services company.

BNY Trade Insurance is a wholly owned subsidiary of BNY Mellon, and BNY Trade Insurance provides comprehensive reinsurance/insurance coverages/products. BNY Trade Insurance’s reinsurance is placed with the world’s significant providers, and it benefits from BNY Mellon’s significant financial resources, extensive risk mitigation and the safety programs implemented throughout the organization.

As BNY Trade Insurance cedes fully assumed risk under primary bankers’
professional coverages and an all risk property policy, the company’s exposure to net underwriting losses is minimal. BNY Trade Insurance’s projected operating results indicate favorable returns, and its surplus base of almost $93 million is more than adequate to support the company’s asset and credit risk exposure. While the excess bankers’ professional program and the property coverages written offer significant insured values considering the high coverage limits offered, the net impact could be burdensome. Nevertheless, A.M. Best recognizes the low probability of such events.

For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visitwww.ambest.com.

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