Launch of the BNY Mellon Latin America Infrastructure Fund

LONDON, 27 October 2010 — BNY Mellon Asset Management has announced the launch of a new long only equity fund, the BNY Mellon Latin America Infrastructure Fund. The Fund, a sub-fund of BNY Mellon Global Funds, plc, will be managed by BNY Mellon ARX Investimentos, one of BNY Mellon Asset Management's asset management boutiques.

Latin America currently has amongst the highest levels of infrastructure investments worldwide, with over US$450 billion of projects planned until 2015. Brazil is leading the way with its 150 infrastructure projects with private participation worth over US$229 billion.

Paul Feeney, head of international distribution at BNY Mellon Asset Management, comments: "The combination of a relatively long period of political stability and robust economic growth are transforming Latin America into one of the most compelling regions for investors. Recent economic data from the region strongly points towards an increase in infrastructure budgets across Latin American countries, particularly in Brazil. Against this background, we believe that actively managed investment funds such as the BNY Mellon Latin America Infrastructure Fund could provide investors growing returns from the opportunities available in this sector."

The BNY Mellon Latin America Infrastructure Fund will be managed by the award-winning investment team at BNY Mellon ARX Investimentos. Based in Rio de Janeiro, Brazil, BNY Mellon ARX specialises in Brazilian multi-strategy and equity investment strategies and provides access to investment opportunities in the rapidly growing Latin American marketplace.

Jose Tovar, Managing Director at BNY Mellon ARX added: "We are living through an exciting investment era in Latin America. In addition to increasing political and macroeconomic stability and institutional and fiscal reforms across the region, we are also seeing a domestic consumption boom. Robust growth rates are now the norm rather than the exception with Brazil expected to increase its contribution to regional growth. Now more than ever before, there are better incentives for private infrastructures participation through public-private partnerships and increased government spending for planned major infrastructure projects. We strongly believe that the current economic momentum is likely to result in a prolonged period of sustained growth."

The Fund will be managed according to BNY Mellon ARX's investment approach: a combination of top down macro analysis with detailed bottom up fundamental analysis. The Fund will offer both retail and institutional investors the opportunity to capitalize on those companies that are set to benefit from an increase in investment and the growing number of infrastructure projects being launched in the region. The Fund will invest primarily in companies associated with infrastructure including capital goods, transportation, steel, telecommunications and energy in the key regions of Brazil, Mexico, Chile and Peru, aiming to outperform the MSCI Latin America 10/40 Index benchmark over a three-four year period with an equal or lower volatility. It will have a concentrated portfolio of between 35-50 stocks and strict risk controls, including maximum weightings of companies and sectors in the portfolio, with the aim of ensuring capital preservation.

BNY Mellon ARX was recently named active equity manager of the year by Exame, one of the most widely read Brazilian business magazines.

BNY Mellon ARX Investimentos, focused on asset management in Brazil and Latin America, manages US$6.2 billion in active management in hedge, equity and fixed income strategies, with a diversified client base including high net worth, corporations, endowments and foundations.

BNY Mellon Asset Management is the umbrella organization for BNY Mellon's affiliated investment management firms and global distribution companies.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 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 $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.