Serving greater numbers of non-U.S. investors than ever before. Our new global margin capability is designed to help you flow significant new assets to your business from that dynamic market segment and put you one step closer to becoming your clients’ single source for all their financial needs.

Currently in testing and tentatively scheduled for launch in the first quarter of 2008, global margin expands our current margin system and supporting capabilities to include financing of marginable securities in approved currencies at Pershing. More importantly, global margin will enable your clients to leverage non-U.S. dollar (USD) currency and equity balances to increase their buying power through a margin-enabled brokerage account, or take advantage of specialized Pershing products and services, such as CreditAdvance^®, a securities-based lending tool.

Service Breakthroughs You Will Use Every Day
While Pershing’s margin system is already able to handle multiple currencies, you also have access to:

• Enhancements aimed at increasing operational efficiencies will allow you to calculate federal, house, and New York Stock Exchange (NYSE) requirements based on your client’s non-USD holdings. These values currently default to a 100% requirement for non-USD securities held in currency.
• The enhanced system will allow approved clients to leverage non-USD currency balances for margin purposes.
• Rules will be added to The Rules Engine™ to monitor non-USD trades executed away from Pershing.
• Weekly mark-to-market journals and daily type journal processes will be updated to include your client’s non-USD holdings.
• The Interest Control system will assess client margin debits accordingly to support the newly improved service.
• NetExchange Pro^® and reports available through Report Center will be enhanced to support non-USD values.

"Our international trading services are designed to grow your business without national or regional limits."

Help Your Clients Optimize Their Holdings
Many investors do not realize that a margin brokerage account gives them access to funds at interest rates lower than standard bank or credit card loans.Whether the loan is used to fulfill a financial obligation or to simply make a purchase, it extends your client’s credit without the need for additional investment. Best of all, there is no lengthy approval process—all that is needed is a signed Margin Agreement and sufficient marginable securities in your client’s account.

Let your clients know there is no reason to liquidate their securities to obtain cash.When you can acheive the same objective in using those securities as margin collateral and:

• Enjoy uninterrupted capital gains, dividends, or interest payments
• Repay the loan over a term they are comfortable with, at attractive interest rates

Pershing’s Strong Commitment to International Trading
Global Margin is offered as a key enhancement to our already strong suite of global capabilities, with no new capabilities needed. Our international trading services are designed to grow your business without national or regional limits. As part of that commitment, Pershing:¹

• Provides trading solutions for over 1,150 financial organizations
• Delivers the expertise of senior managers with an average of 25 years of experience
• Acts as market maker in equity and over 6,000 preferred securities
• Carries out 24-hour equity trading in 50 markets
• Clears 180,000 trades and executes 235 million shares daily

Our International Equity Trading Desk offers multicurrency execution capabilities in over 65 exchanges through local relationships, third-party electronic access, and Pershing’s own exchange memberships. The desk puts your interests first by employing an agency only approach.

Our Fixed Income Sales Desk provides the support you need to buy and sell global fixed income securities. Our experienced, multilingual professionals have sales expertise in non-USD-denominated bonds and extensive local market experience in Central and South America.

Complementing these strengths, our Foreign Exchange service can provide your clients with an efficient means to send and receive funds globally, as well as financial global securities transactions in their brokerage accounts through its power to trade and convert in over 50 foreign currencies.

Our comprehensive equity and fixed income trading, along with our commitment to providing best execution throughout world markets can increase your clients’ satisfaction levels and also serve to enhance your revenue stream. Looking for a long-term competitive advantage? Now would be a great time to choose Pershing trading services and free up more of the time you need to build your business without limits.

¹ As of December 31, 2006.