Pershing expects the new facility to be fully staffed with more than 300 associates by the fourth quarter of 2007. The 67,000 square-foot location can accommodate more than 400 associates, providing Pershing with room for future growth. Associates in Lake Mary will perform a wide array of duties, including customer service, operational support and account management.

Richard F. Brueckner, chief executive officer of Pershing, said, "Our presence in Central Florida is a key component of our ongoing geographic diversification to enhance the reliability of our global operations, and this new location will enable us to support our growth as we expand our customer base. We've been gratified by the support of local economic and government officials and impressed by the deep pool of qualified candidates."

Diane Parker, president of the Seminole County Regional Chamber of Commerce located in Lake Mary, Florida, said, "As a premier global financial services firm, Pershing will enhance the vitality of our local business environment and provide our growing financial services community with a wide range of exciting employment opportunities."

This expansion complements The Bank of New York's existing locations in Lake Mary and East Orlando, Florida, which together house 675 associates. The Bank opened its Lake Mary operation in March 2001 and now has approximately
475 associates working at the facility. In July 2003, the Bank opened a facility in East Orlando, where it currently employs approximately 200 associates.