BNY Mellon Asset Servicing selected for Korea's first locally domiciled investment trust funds to China A-Share market

London - 27 September 2007

BNY Mellon Asset Servicing, a global leader in securities servicing, has been selected by PCA Asset China Dragon A Share Fund - Korea's first locally domiciled fund that invests in China A-share market - to provide custody services.

China A-share markets in Shanghai and Shenzhen stock exchanges are open only to Chinese-national investors and qualified foreign institutional investors ("QFII"). PCA Investment Trust Management Company, an affiliate of Prudential Asset Management, and Kookmin Bank, trustee of the fund, is Korea's first locally domiciled investment trust fund to invest directly into the China A-share market.

Mr. Sang- Bum Lee, Head of the Foreign Custody team at Kookmin Bank, commented: "Kookmin Bank is the largest trustee bank in Korea with a strong corporate and retail banking network. As the first trustee bank in Korea to allow local investors to make investments into the China-A share market, Kookmin Bank will take the advantage of leading local investors to tap into this new investment market. Kookmin Bank selected The Bank of New York Mellon because of its strong partnership approach and its ability to share their expert knowledge in the complex workflow of securities and cash instruction movements to and from the China market. Over the course of many years working with The Bank of New York Mellon, they have consistently demonstrated that they can commit their valuable resources and time to meet our requirements and expectations as well as the demands of the Korean market."

Mr. Tae Hyun Son, Team Head, Operations and Risk Management of PCA Investment Trust Management Company in Korea, (“PCA ITMC”), said: "PCA ITMC has been working with The Bank of New York Mellon to set up QFII related workflow. The Bank of New York Mellon is also known in Korea to be working very closely with Kookmin Bank on the development of the QFII workflow, and this close working partnership was one of the important factors we looked for when selecting suitable partners. We look forward to enhancing our relationship with both Kookmin Bank and The Bank of New York Mellon and believe the two will provide us with excellent service that will meet our current and future needs."

Chong Jin Leow, Head of Asia Asset Services, at BNY Mellon Asset Servicing, said: "We have always been committed to being the preferred partner of Kookmin Bank and Prudential Asset Management to help them succeed. We understood the needs of Korean investors' demands in rapidly expanding the number of markets available to them, and providing access to one of the world’s fastest growing markets represents an excellent opportunity for Korean investors. We applaud Kookmin Bank and PCA ITMC and Prudential Asset Management following the successful launch of their first locally domiciled investment trust fund targeting the China A Share market.”

Chong Jin Leow noted the complex securities and cash workflow instructions between Korea and China is the culmination of months of extensive work by the teams at The Bank of New York Mellon, Kookmin Bank and PCA ITMC and highlighted the value of establishing a strong and disciplined relationship management infrastructure to meet the demands of Korean retail clients.

The Bank of New York Mellon has been conducting business in Korea for nearly 20 years. The company has a full branch office in Korea, and works with a wide range of banks, governments, and other financial institutions throughout the nation.

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