Enhanced Coefficient Select Fund with daily pricing and liquidity

LONDON, April 23 2008 — BNY Mellon Asset Management has launched a new global macro absolute return fund designed for institutional investors. The Dublin-domiciled qualifying investor fund, BNY Mellon Enhanced Coefficient Select Fund plc, launched on 14 April and is managed by Coefficient Global, a division of Standish Mellon Asset Management Co. LLC (Standish), specialising in quantitatively managed strategies. Standish is one of BNY Mellon Asset Management's specialist active asset managers focused on fixed income and absolute return strategies*.

The Fund aims to deliver a high absolute return targeting 15% above 1 month US$ Libor, over a market cycle. The Coefficient Global investment team uses a model-based approach to take positions in assets where persistent structural inefficiencies exist and where investors, at times, demand excessive expected risk premiums. The Fund has broad global reach and takes long and short positions across developed equity markets, sovereign fixed income, high yield and developed and emerging currencies, employing a variety of models with both shorter and longer term investment horizons.

Lex Huberts, Chief Investment Officer, Coefficient Global, explained: "Even though we focus mainly on liquid assets and markets, our systematic process can identify mispricings, based on other investors' biases, which enable us to structure profitable investment strategies for the Fund."

Commenting on the new launch, Alan Mearns, Chief Executive of BNY Mellon Asset Management International, said: "This new Fund represents an attractive option as an allocation to 'Alternatives' or as a funded way to mimic global overlay alpha. Its innovative structure incorporating daily dealing and liquidity will be appealing to a wide range of institutional investors."

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt. Additional information is available at www.bnymellon.com.

Standish Mellon Asset Management Company LLC (Standish) was founded in 1933 and specialises in global fixed income and absolute return strategies. Coefficient Global is the business unit within Standish, which manages quantitative macro strategies. As of December 31, 2007, the firm has $170.0 billion in assets under management, including assets managed as dual officers of Mellon Bank, N.A., The Dreyfus Corporation, and The Bank of New York. Additional information about Standish is available at www.standish.com.

*The BNY Mellon Enhanced Coefficient Select Fund Is an unregulated collective investment scheme. This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

In the UK this document is directed only at persons who are Professional Investors or Eligible Counterparties as defined by the FSA COBs Chapter 3 or are persons to whom this Memorandum may otherwise lawfully be issued or passed on (all of the persons above being referred to together as "relevant persons").

Not available or offered to US investors. All information source BNY Mellon Asset Management International Limited as at 31 March 2008 unless otherwise stated. This press release is issued by BNY Mellon Asset Management International Limited to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. Registered office: The Bank of New York Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580.

Authorised and regulated by the Financial Services Authority.