Evolution Benefits and Mellon Financial Corporation Team to Offer Health Savings Accounts With Benefits Debit Card

Evolution Benefits Inc. (EB) and Mellon Financial Corporation's Human Resources & Investor Solutions (HR&IS) business today announced they have signed a letter of intent to provide an integrated solution for health savings accounts (HSAs) that combines Mellon's HSA account services with EB's Benny(TM) debit card. Health plan providers and third-party administrators will now have a complete HSA solution that will integrate seamlessly with other employee benefit accounts, such as flexible spending accounts (FSAs) and healthcare reimbursement arrangements (HRAs).

"We're proud to team with Evolution Benefits to offer the services needed to deliver a full-service HSA offering to a variety of constituents," said James D. Aramanda, Mellon vice chairman and head of its HR&IS business. "We think many employers will offer HSAs with other benefits accounts, such as FSAs and HRAs. EB is uniquely positioned to address this need, with the multi-account capabilities of its debit card and its industry-leading electronic substantiation capacity."

Under the arrangement, Mellon will provide custodial, record keeping, investment, and reporting services. Evolution Benefits will provide debit card services and the technology link to the administrator. Distributions from the HSA will be made by using the card and, when the card is not used, by either the administrator, the use of a checkbook, or both.

"Mellon is highly regarded for its expertise in financial services and has quickly established itself as one of the leading providers in the HSA market," according to Christopher Byrd, executive vice president at Evolution Benefits. "Combining Mellon and EB's capabilities positions our customers perfectly to seize on the growing popularity of HSAs with a truly unique package that can coordinate with other benefit plans, something today's stand-alone HSA products cannot do."

Evolution Benefits provides payment technology and services that help employees easily access funds contributed to employee benefits programs. Benny, which can be either a debit MasterCard® Card or debit Visa® Card, electronically accesses the contributions set aside in FSAs, HRAs, HSAs, and qualified transportation accounts (QTAs). Benny gives consumers greater control in the management of their benefits, while providing employers and benefits administrators a popular product enhancement at a very low cost.

HSAs, created under the Medicare bill passed late last year, are pre-tax savings vehicles for employees who have high-deductible health plans at work and want to set aside money for out-of-pocket medical expenses. Unlike HRAs and FSAs, these accounts are portable, must be held in trust and are under the complete control of employees.

About Evolution Benefits

Evolution Benefits was founded in 2000 with a commitment to supporting the movement toward greater consumer choice in and responsibility for employee benefits. Its primary product, the Benny(TM) debit card, applies advanced payment technologies and pioneering electronic substantiation methodologies to FSAs, HRAs, QTAs and HSAs, creating a bridge between traditional benefit structures and the evolving self-directed benefits movement. Evolution Benefits now powers the programs of more than 20 managed care organizations, more than 1250 employers, including 30 of the nation's top-ranked companies, and hundreds of thousands of employees. Please visit www.EvolutionBenefits.com for more information.

About Mellon Financial Corporation

Human Resources & Investor Solutions is the worldwide human resources and shareholder services business of Mellon Financial Corporation, a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has more than $3.7 trillion in assets under management, administration or custody, including $670 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.

EVOLUTION BENEFITS MEDIA CONTACT: Elayne Cree Cree Communications 860-651-7773 (8 am - 8 pm Eastern Time) 843-412-8271 (Cellular - anytime) elayne@creecommunications.com EVOLUTION BENEFITS COMPANY CONTACT: Anne Carpenter Evolution Benefits Inc. 860-678-5561 (8 am - 6 pm Eastern Time) pr@evolutionbenefits.com MELLON FINANCIAL MEDIA CONTACT: Ed Gadowski Mellon Financial Corporation 201-373-7336 gadowski.e@mellon.com