The New Model Prime Brokertm Integrated Global Prime Brokerage Solutions Strong

THE NEW MODEL PRIME BROKERTM INTEGRATED GLOBAL PRIME BROKERAGE SOLUTIONS STRONG. UNIQUE. TRANSPARENT. PERSHING PRIME SERVICES HAS A NEW BLUEPRINT FOR THE PRIME BROKERAGE INDUSTRY Our New Model Prime Broker is built upon our counterparty strength, innovative technology for collateral management, uncompromised commitment to your business and an extraordinary level of transparency.

In today’s fast-changing environment, you want to grow—but mitigate risk. At Pershing Prime Services, our innovative prime brokerage model delivers the comprehensive solutions you need from a single, strong and client-centric source. You can rely on the financial strength of Pershing and its parent company BNY Mellon.

A NAME THAT HAS EARNED YOUR TRUST eligible pension funds to efficiently INDUSTRY RECOGNITION Our strength and stability can help you manage their alternative strategies by meet the increasingly stringent due working with a single institution for BNY Mellon:“Safest Bank in the U.S.” diligence requirements of investors. custody and prime brokerage. Just as important, our prime custody model Simultaneously, we provide you with – Global Finance magazine: 2013 World’s enables hedge funds and institutions the comfort that your prime broker 50 Safest Banks, fifth consecutive year and custodian are sound organizations to easily and efficiently move supporting you in the growth of unencumbered assets to a custodian your business and the mitigation of bank, mitigating exposure to traditional Most Innovative Project of the Year: counterparty risk. Pershing Prime prime brokers. BNY Mellon and Pershing Services is a service of Pershing, a firm THE DEDICATED TEAM YOU DESERVE with a track record of almost 75 years – Custody Risk 2012 serving financial organizations. At Pershing Prime Services, our interests are aligned with those of our Our parent company, BNY Mellon, is the clients. We serve hedge funds, financial A NEW MODEL FOR SUCCESS oldest continuously operating financial intermediaries and institutions, free of Pershing Prime Services delivers a organization in the U.S. Today, it is the distractions. Our principal trading desks comprehensive global prime brokerage largest custodian in the world1 and in focus on client facilitation and best solution for hedge funds, ’40 Act funds 2013, Global Finance magazine named execution of their trades, providing our and institutional investors. Our services BNY Mellon the safest bank in the U.S. clients with an independent approach to are distinguished by: for the fifth consecutive year. Pershing’s doing business. – Stable counterparty bank parentage allows ’40 Act and – A pure business-to-business approach – Greater market transparency – Extensive access to lendable securities – Global execution capabilities – Open architecture technology – Highly skilled and experienced service team – Integrated BNY Mellon platform for hedge funds and ’40 Act funds

1 BNY Mellon was named the safest U.S.-based bank in 2013 by Global Finance magazine in the publication’s annual ranking of the “World’s 50 Safest Banks.” This is fifth consecutive year in which BNY Mellon ranked as the top U.S. bank. The company ranked #1 among five U.S. banks, #7 among eleven North American banks and #29 in the world on this year’s list.

2 COMPREHENSIVE SOLUTIONS Gain one-stop access to everything you need to compete from a single integrated source.

SECURITIES LENDING GENERATE INCREMENTAL REVENUE FINANCING SOLUTIONS Through Pershing Prime Services, you FOR YOUR FIRM BNY Mellon offers a choice of financing gain access to a large pool of lendable We understand that you are always alternatives across multiple asset assets. Pershing also maintains a global looking for ways to generate additional classes to help you achieve your network of relationships with major returns for your firm. Our Fully Paid investment objectives. Pershing Prime agent lenders, including its parent Securities Lending program allows you to Services provides you with leverage that company BNY Mellon, one of the largest loan fully paid-for securities to Pershing. fits appropriate regulatory and risk- agent lenders in the world. We can help Pershing then has the option to use those based requirements. Our solutions can you locate hard-to-borrow securities and securities to satisfy both internal and be tailored to support both taxable and implement strategies across multiple external borrowing needs. A significant tax-exempt strategies. asset classes. In addition, we offer portion of the spread earned on the greater transparency into the market, loaned securities becomes revenue for including a real-time locate facility and a your firm. When you participate in this dedicated securities lending team to help program, you benefit from a well-defined you efficiently and accurately facilitate revenue split and clear reporting that your transactions. details the potential revenue you may earn on the securities we lend.

3 RESOURCES AS EXPANSIVE AS YOUR NEEDS Working with Pershing Prime Services, you can use the scale and resources of BNY Mellon to help your business succeed.

AN INTEGRATED PRIME BROKERAGE GROUNDBREAKING TRANSPARENCY DESIGNED FOR HEDGE FUNDS, AND BANK CUSTODIAN SOLUTION AND CONTROL OVER COLLATERAL PRIMECONNECT™ is for managers MOVEMENT If you are required to custody at a seeking to mitigate their counterparty Pershing’s cutting-edge technology bank, our unique, industry-leading risk by using BNY Mellon to hold automates the process of moving tri-party solution can help you manage unencumbered assets. Specifically, collateral between Pershing Prime counterparty risk while more efficiently PrimeConnect automates the process Services and BNY Mellon. We offer two implementing short-enabled strategies. of moving assets between the custody powerful online collateral management Our seamless platform leverages the account at BNY Mellon and the prime tools available exclusively through our integrated operational infrastructure brokerage account at Pershing for NetX360® of Pershing Prime Services and BNY platform. shorting and financing. Mellon’s Asset Servicing, Administration and Collateral Management groups. Our collateral management You gain one-stop access to securities solution features: BUILT FOR ’40 ACT FUNDS, lending, execution, custody services, – Online, automated movement of PRIMECONNECT40™ increases and all servicing and financing functions collateral between the custodian efficiency for fund managers using the needed to manage your hedge funds, and prime broker tri-party structure to support alternative ’40 Act funds or eligible pension funds. – Control over collateral selection strategies. PrimeConnect40 automates Our comprehensive tri-party custody and movement the process of moving assets between account solution includes: the unencumbered account to the – Automated credit and risk – Dedicated service team that has special custody account to support the approval process experience with ‘40 Act structures shorting and financing done at Pershing. and knowledge of collateral – Online real-time margin calculator movements, margin requirements, – Consolidated view of portfolio short locates and financing in a tri-party arrangement – Access to monitor transactions at every phase of the process – An integrated platform to support the tri-party model which provides greater – Operational efficiencies gained from operational efficiencies single-platform solution – Pre-negotiated agreements to – Expedited startup and integrated streamline contract negotiation onboarding for BNY Mellon clients and account setup – Counterparty strength and global – BNY Mellon’s custody services resources of BNY Mellon including fund administration, – Help to enhance returns on your accounting and corporate custody portfolio through our fully-paid services lending portal, which provides Additionally, for our hedge fund clients, real time rate information Pershing provides a unique and innovative solution for managers looking to use the prime custody model.

4 GLOBAL EXECUTION CAPABILITIES FLEXIBLE TECHNOLOGY REPORTING We offer a pure business-to-business Our prime brokerage platform provides Pershing Prime Services offers extensive global execution platform to our clients anytime, anywhere access to your reporting capabilities through our secure so you can execute your strategy across portfolio with no new installations, website. Our Prime Custom Reporting multiple asset classes, markets and upgrades or passwords. Through our data warehouse allows us to provide liquidity venues. NetX360 browser-based platform for reports and data feeds formatted to your individual needs. Data is integrated – Client-focused trading model delivered Chrome, Safari and Internet Explorer ® from both the Pershing custody and by a leading global financial services or our mobile solution through iPhone , ® ® ® settlement systems to reconcile cash, firm with unparalled strength iPad , Blackberry and Android activity and balances, as well as portfolio and stability devices, you can access intraday activity and historical information, accounting information for tax lots, gain/ – Global reach with multi-asset class along with customizable data and loss information, accruals, and fund trading in over 60 markets reporting capabilities. You can also appraisals and summaries. You can – Access to our leading suite of locate securities to borrow, access choose the standard reporting package algorithms (benchmark, tactical, real-time views of fund positions and or create tailored reporting to your and customized strategies), smart activity, report trades executed away, and specific requirements with custom routing, dark pools, as well as respond to Voluntary Corporate Actions drill-downs to easily access more non-dollar algorithms online. Our open-architecture platform detailed information. supports data warehousing and – FIX connectivity to a wide range of Geneva-based portfolio reporting, leading OMS and EMS platforms and easily integrates with a wide variety including Charles River, Eze Castle, of leading third-party solutions, including Bloomberg, Neovest and Realtick hedge fund administrators, order – Access to over 100,000 live and management systems and direct market executable offerings and bids provided access solutions. Our sophisticated by over 400 contributors via our disaster recovery system includes BondCentral online fixed income full business continuity, with three trading platform2 geographically dispersed, state-of the-art data centers.

2 As of June 30, 2013

5 EXPAND YOUR NEEDS BUT NOT YOUR SOLUTIONS PROVIDER

Working with Pershing Prime Services, you have access to the depth and breadth of both Pershing and BNY Mellon.

ACCESS TO AN EXTENSIVE NETWORK HIGH-TOUCH PERSONAL SERVICE COMPLEMENTARY SERVICES WE PROVIDE: OF POTENTIAL INVESTORS Pershing Prime Services provides a – BUSINESS CONSULTING Your relationship with Pershing Prime dedicated, consultative service across – CASH MANAGEMENT Services spans our entire enterprise the full lifecycle of your business. and offers you the potential to Your relationship with Pershing Prime – INSTITUTIONAL RESEARCH SERVICES be introduced to a broad array of Services is centered on a strong service institutional and retail financial team who assists you with all aspects organizations, as well as independent of business support—from new account registered investment advisors. Through processing to technology services to our capital introduction program, we can custom reporting setup and training. provide access to Pershing’s distribution Our team of experts know your business platforms, which are among the most because they have spent years in the comprehensive in the industry. Your industry—on both the buy and sell side. Relationship Manager will work with you The members of our highly knowledgable to customize an approach to support and skilled management team provide your strategy and distribution. stable leadership averaging more than a decade with Pershing. Day-to-day, your Account Manager is a single point of contact for operational issues and helps you leverage our prime brokerage offering to the fullest.

6 DISCOVER THE NEW MODEL PRIME BROKER If you are seeking a new approach to fueling growth while mitigating risk, contact Pershing Prime Services today.

Through Pershing Prime Services, you can access INDUSTRY RECOGNITION a comprehensive array of global solutions from a single, strong, client-focused source. With the power of Pershing Prime Services and the resources Best North American Prime Broker of BNY Mellon, you can mitigate counterparty risk, – 2012, 2013 Hedgeweek Global Awards enjoy transparency, and gain exclusive access to industry-leading collateral management solutions. Top Score Multi Strategy Category, Six Commendations We offer a high-touch service model, integrated and 34 “Best In Class” Recognitions cross-platform technology, extraordinary global capabilities and a large pool of lendable securities. – Global Custodian, 2013 Prime Brokerage Survey Our experienced, dedicated team is ready to help you make a smooth transition, complete your new account paperwork, and train your staff on Short Listed—Best Securities Lender our technology and procedures. Learn how the – Custody Risk 2012 New Model Primer Broker can help you grow your business without limits. Best Prime Broker

– Hedgeweek USA Awards 2011, in a vote of nearly 20,000 U.S.-based subscribers

Best Prime Broker—Custodial Solutions

– HFMWeek 2010, 2011

YOUR BUSINESS WITHOUT LIMITS®

To learn more: Call us at (866) 538–5046 E-mail us at [email protected] Visit us at www.pershingprimeservices.com

7 We Are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Pershing, a BNY Mellon company, and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, financial organizations, fund managers and registered investment advisory firms. A financial services market leader located in 23 offices worldwide, we are uniquely positioned to provide advisors and firms global insights into industry trends, regulatory changes and best practices, as well as shifts in investor sentiment and expectations. Pershing provides solutions that create a competitive advantage, including innovative programs and business consulting to help our clients succeed.

Pershing Prime Services Pershing Prime Services, the New Model Prime BrokerTM, delivers a comprehensive suite of prime brokerage solutions. We provide stable counterparty strength, extensive access to lendable securities, alternative sources of finance, dedicated client service, robust reporting tools, global execution and custodial solutions through the integrated platform of BNY Mellon. Pershing Prime Service is a service of Pershing LLC.

© 2013 Pershing LLC. Pershing Prime Services is a service of Pershing LLC, member FINRA, NYSE, SIPC, a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public.

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