Press Releases

Mellon Named Master Custodian for $14 Billion Teachers' Retirement System of the City of New York Variable Funds

Boston, November 14, 2002 — Mellon Financial Corporation announced that its Mellon Global Securities Services (GSS) group has been selected as master custodian of the $14 billion Teachers' Retirement System of the City of New York Variable Funds. Mellon will provide domestic custody, cash management, and securities lending services, while Russell/Mellon Analytical Services will supply pooled-fund reporting on commingled funds.

As one of the largest pension funds in the U.S., The Teachers' Retirement System of the City of New York (TRS) provides retirement, disability and death benefits to more than 150,000 active, inactive and retired educators.

"We are pleased to provide the New York City public school teachers, who are responsible for educating many children, with the best possible service for their retirement fund," said Vince Sands, executive director of U.S. Trust Services for Mellon GSS. "We look forward to bringing our technological expertise and superior service to the fund."

Mellon Global Securities Services is one of the largest providers of asset services for public and private pension funds, asset managers, mutual funds, insurance, and other financial institutions. Through its joint venture partnerships - ABN AMRO Mellon, CIBC Mellon Trust Company, and Russell/Mellon Analytical Services - and its Eagle Investment Systems subsidiary, Mellon GSS delivers innovative solutions worldwide.

Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and affluent individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services. Mellon has approximately $2.8 trillion in assets under management, administration or custody, including $562 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.