Update at a Glance

February 20, 2007

Mellon Wholesale Lockbox Service Scores High In Phoenix-Hecht Postal Survey

Mellon Working Capital Solutions (WCS) ranked as one of the top lockbox providers for nationally originated mail in the most recent Phoenix-Hecht® Postal Survey. The results from Phoenix-Hecht, one of the nation's foremost providers of market research and education for the financial services industry, indicate that Mellon's Wholesale Lockbox service continues to maintain its leadership position in controlling mail and total float.

Mail float is the period from mail drop to pickup at a lockbox. Total float includes mail time, processing time and check clearing. Both are key factors that companies consider when selecting a lockbox provider.

"This third-party recognition of Mellon's standing in the industry is just another example of our continued commitment to assist our clients in collecting payments from their customers quickly and efficiently, while maximizing their cash flow and increasing their investment opportunities," said Greg Cicero, senior vice president and head of Mellon WCS.

The Phoenix-Hecht Postal Survey, which is the leading independent review of mail time for the treasury management industry, measured mail from 170 originating cities into approximately 120 sites in 33 destination cities.

"Although the migration from paper to electronic payments continues," added Cicero, "our hallmark is the ability to provide a total receivables solution to our clients. Since much of corporate America's cash flow is still check-based, our clients continue to rely on us to provide best-of-breed processing in every component of our solution, including checks received through our nationwide lockbox network."

The results of the survey can be requested at http://www.phoenixhecht.com/treasuryresources/Products/PSY_Request.aspx. For more information, contact our cash management experts at 1 800 424-3004 or e-mail us at wcs@mellon.com.