SYDNEY, 31 July 2007 — BNY Mellon Asset Management has announced that its Australian distribution subsidiary, Mellon Global Investments Australia Limited, has been appointed to manage A$17.5m for MFS Investment Management's Premium Income Fund in Mellon's Australian-domiciled Mellon Global Bond Alpha Trust.

The Mellon Global Bond Alpha Trust, launched in September last year, is sub-advised by Mellon Capital Management Corporation in San Francisco.

The Trust actively invests in global fixed income, cash and currency markets and targets out-performance of the UBS Australia Bank Bill Index.

James Gruver, managing director of Mellon Global Investments Australia said: "We are delighted to be working with Australian Fund Manager, MFSIM and are pleased with the growing interest for this exciting strategy".

MFSIM CEO, Guy Hutchings said, "We are pleased to invest with The Bank of New York Mellon and believe this strategy will be an important contributor to the overall performance and diversification of the fixed interest sector of the Premium Income Fund. The appointment is consistent with our approach to retaining the best investment management expertise available in the management of our investment funds".

Founded in 1983 by innovators in the investment management field, Mellon Capital specializes in global quantitative investment strategies. The company has A$225.4 billion in assets under management, including assets managed by dual officers and A$37.5 billion in overlay strategies.

All information and figures source BNY Mellon Asset Management unless otherwise stated as at 30 June 2007. This press release is issued by Mellon Global Investments Australia Limited (ABN 56 102 482 815, AFS Licence No. 227865) to members of the financial press and media and the information contained herein should not be construed as investment advice.
Mellon Global Investments Australia Limited Level 6, 7 Macquarie Place Sydney NSW 2000
www.mellonglobalinvestments.com.au