BNY Mellon to act as depositary and custodian to innovative new PAIF

LONDON, March 19, 2010 — BNY Mellon Asset Servicing, the global leader in securities servicing, has announced that BNY Mellon Trust & Depositary (UK) Limited has been appointed as depositary to CB Richard Ellis Investors' newly launched PAIF (Property Authorised Investment Fund). BNY Mellon Asset Servicing will act as custodian to the fund.

The CB Richard Ellis UK Property Fund is the first PAIF to offer daily dealing and liquidity for investors (via a master-feeder fund structure). Offering investors exposure to a diversified UK commercial portfolio, the Fund — also for the first time — allows DC pension investors access to a PAIF run by a purely property specialist investment manager.

Nick Preston, Senior Director at CBRE Investors, said: "BNY Mellon brings together expertise and experience in supporting new products as a depositary with significant strength and scale as the world's leading custodian. BNY Mellon's flexibility and its commitment to finding the right solution were a great fit for our new fund, and we look forward to working closely with them going forward."

Nigel Taylorson, European Head of Trustee & Depositary at BNY Mellon Asset Servicing, said: "We welcome this opportunity to work with CB Richard Ellis on this ground-breaking venture. We anticipate significant growth around this type of authorised property vehicle and have devoted considerable time and resources to putting in place the requisite systems and intellectual capital to support this fund launch."

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon 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. BNY Mellon 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 $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.