Press Releases

Mellon Global Investments Secures Sanpaolo IMI Group Pension Fund Mandate

LONDON, February 13, 2003 — Mellon Global Investments Limited, the international distribution subsidiary of Mellon Financial Corporation, has been selected by the employees' Pension Fund of Sanpaolo IMI Group for an important mandate, valued at approximately €397 million (US$437 million). Mellon Global Investments chose Mellon Bond Associates and Mellon Equity Associates, two of Mellon's 16 asset managers, as the most appropriate managers to meet the Sanpaolo IMI Group Pension Fund's criteria.

Mellon has been selected to manage seven passive mandates tracking a number of U.S. and European indices. Mellon Bond will manage the bond mandates, while Mellon Equity will be responsible for the US equity mandates.

Commenting on the win, Marco Palacino, Deputy General Manager of Mellon Global Investments, Milan branch, said:

"We are extremely pleased to have been selected by the Pension Fund of Sanpaolo IMI Group for this prestigious mandate, highlighting our growing success in Italy. The appointment of Mellon Global Investments again underlines the breadth and depth of asset management solutions across all asset classes that we offer clients internationally."

The Pension Fund of Sanpaolo IMI Group, a multi-fund structure with four different investment profiles, has more than 20,000 members with approximately €1 billion of assets.

Mellon Global Investments Limited
London-based Mellon Global Investments Limited is the international distributor of the investment skills and products of 16 asset management subsidiaries of Mellon Financial Corporation. Each of Mellon's asset managers is a specialist in its field. Their combined offering includes mainstream and high yield bond, cash, equity management, currency overlay, indexation and alternative investment management. Mellon Global Investments delivers these diverse skills to a wide and varied client base, providing a wealth of solutions. Mellon Global Investments' clients include banks, investment managers, insurance companies, pension funds and professional advisers in the UK, Continental Europe, Japan, Latin America, the Middle East, Asia and Australia. More information is available at www.mellonglobalinvestments.com.

Mellon Financial Corporation
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 $2.9 trillion in assets under management, administration or custody, including $581 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.