LONDON, October 30, 2007 — BNY Mellon Asset Management has announced the addition of the Long-Term Global Equity Fund to its pooled funds range designed for the UK pensions market*. The Fund, which launched on 24 August, is managed by Walter Scott & Partners Limited (WSPL), one of BNY Mellon Asset Management's specialist asset managers.

The Long-Term Global Equity Fund aims to achieve annual returns of 7-10% over the longer term with a portfolio of typically 40-60 stocks, targeting businesses capable of generating wealth at a rate of 20% year-on-year. The Fund is characterised by its 'buy and hold' approach to stock picking and stock purchases are made without geographical limitation. Turnover is expected to be less than 20% per annum, with normal holding periods ranging from five to seven years.

At the heart of WSPL's investment process is internally generated research, the firm's primary value-adding activity. WSPL recognises that the most important decision is 'what to buy', and as such, a strict buy discipline dictates that purchases are made only with unanimous consent from the entire investment team. A sale may be catalysed by only one member of the team and prompted by a breakdown of the original investment rationale or deteriorating fundamentals. Profit taking results from extreme share price movements relative to valuation or upon reaching the in-house 5% fund limit.

Commenting on the new Fund, Alan Mearns, chief executive officer of BNY Mellon Asset Management International Limited, said: "We are excited about bringing the capabilities of Walter Scott & Partners to the UK pooled pension fund market. Their skills complement those available in the existing range and we firmly believe that their long-term buy and hold approach will suit the time horizons of both defined benefit and defined contribution schemes."

Rodger Nisbet, investment director at Walter Scott & Partners Limited, added: "WSPL's portfolios reflect the firm's independent investment judgement, directed by internal research. They are not in any way dictated by the structure of indices. This approach is increasingly appealing to pension funds looking for investments free from the constraints of benchmark investing."

Walter Scott & Partners Limited is one of BNY Mellon Asset Management's specialist asset managers. Established in 1983 in Edinburgh, Walter Scott & Partners Limited is a classical, fundamental and long-term global equity investment management firm that manages portfolios for institutional clients drawn from around the world. With over $33 billion of assets under management, the company manages global, regional, single country and emerging markets mandates.

BNY Mellon Asset Management is one of the world's largest global asset managers with more than US$1 trillion in assets under management. The multi-boutique asset management model encompasses the investment skills of world class specialist asset managers who are amongst the most advanced and highly regarded names in money management. With investment expertise that spans the asset class spectrum, BNY Mellon Asset Management offers a comprehensive suite of beta-achieving and alpha-generating investment strategies to meet the unique needs 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 37 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 $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.

* Part of Mellon Investment Funds (MIF) ICVC range.
All information and figures source BNY Mellon Asset Management unless otherwise stated as at 30 June 2007. 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.
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