Pershing

Pershing LLC has been a leading global provider of financial business solutions for over 70 years and serves many of the world’s most respected financial organizations, remaining committed to the safekeeping, servicing, segregation and reporting of assets held in custody.

Financial Strength—March 31, 2010
Pershing’s core financial strength provides the foremost measure of the protection of assets held in our custody. Our parent company, BNY Mellon, is a leading provider of financial services for institutions, corporations and high-net-worth individuals. Pershing’s financial strength does not protect against loss due to market fluctuation.

Pershing

• Approximately $802.7 billion in assets held in custody

BNY Mellon

• $22.4 trillion in assets under custody and administration
• $1.1 trillion in assets under management

Evaluation and Segregation of Assets
As required, Pershing segregates investor assets, which are fully paid-for, from its own assets. Therefore, in the unlikely event of the financial failure of Pershing, investors’ fully paid-for assets will remain separate from Pershing’s own assets.

SIPC® Coverage
Pershing is a member of the Securities Investor Protection Corporation (SIPC®). As a result, securities in client accounts are protected up to $500,000 (including a maximum of $250,000 for claims for uninvested cash awaiting reinvestment). For details, please see www.sipc.org

Excess of SIPC Insurance Coverage Led by Lloyd’s of London
In addition to SIPC protection, Pershing provides coverage in excess of SIPC from Lloyd’s of London together with other insurers.1 The current excess of SIPC policy is scheduled to expire on December 10, 2010. The excess insurance provides the following protection for assets held in custody by Pershing and its London-based affiliate, Pershing Securities Limited:

• An aggregate loss limit of $1 billion for eligible securities—over all client accounts
• A per-client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion

Neither SIPC nor excess of SIPC insurance protects against loss due to market fluctuation of investments.

1 Pershing’s excess of SIPC insurance is provided by Lloyd’s of London together with Axis Specialty Europe Ltd. and Munich Reinsurance Co.