BNY Mellon Investment Manager, Moore Have Significantly Upgraded Property

PLYMOUTH MEETING, PA, November 11, 2010 — URDANG, the real estate investment specialist of BNY Mellon Asset Management, and Moore&Associates Inc. today announced that a $87.2 million securitized loan for a 531,600-square-foot, three-building office complex in Bethesda, MD, has been refinanced with a 10-year, fixed-rate term loan from John Hancock Life Insurance Company (U.S.A.) in the amount of $100.0 million.

The property was acquired by its owners, a joint venture comprising Moore&Associates and a separate account managed by Urdang Capital Management, Inc., in August 2005. Upgrades made to the property by the joint venture include renovations to the building lobbies, restrooms and elevator lobbies. In addition, the building exteriors were improved and the landscaping and fountains were renovated, improving the overall appearance of the office complex.

"URDANG was able to capitalize on the improving capital market conditions and low interest rate environment to generate a variety of fixed rate options for the property owners including CMBS and balance sheet executions,” said David Spoont, senior vice president of finance and dispositions for Urdang Capital Management, the private real estate investment manager for URDANG.

"Year to date, URDANG has completed more than $300.0 million of financings and is currently in the market for $200.0 million of new debt,” said Spoont. "We selected John Hancock Life Insurance Company (U.S.A.), because the terms best met the property owners' needs. Bethesda Towers is the second deal we have closed with John Hancock this year."

"We are very pleased with the loan amount and its terms,” said Stephen Durr, president of Moore&Associates, Inc. "Bethesda Towers was well-received by the lending community, due in large measure to its 95 percent occupancy level and a diverse roster of strong credit tenants, including the US Consumer Products Safety Commission, associations, and financial service providers and technology firms. It also is attractive because of its Class A status, which was a result of major capital improvement investments.”

Moore&Associates is an owner-managed, full-service commercial real estate investment, development and management firm serving affiliated and independent clients. With more than 65 employees, the firm has completed $900 million in capital transactions during the past five years and currently manages 2 million square feet of office properties in the Washington DC metropolitan area and Austin, Texas. Additional information is available at www.mooreassociates.com.

John Hancock is a unit of Manulife Financial, a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients worldwide have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients around the world. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were $474 billion (US$460 billion) as at September 30, 2010. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States. Manulife Financial Corporation trades as ‘MFC' on the TSX, NYSE and PSE, and under ‘945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

URDANG, founded in 1987 with an exclusive focus on institutional investment grade real estate, offers a variety of strategies and products, managing a total of approximately $5.1 billion* in debt and private equity real estate investments through Urdang Capital Management, Inc. and public real estate securities through Urdang Securities Management, Inc., for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. URDANG's research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to seek high, risk-adjusted returns. It is one of the investment boutiques of BNY Mellon Asset Management. www.urdang.com

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

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 $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

* URDANG's public real estate securities are generally valued based on last sale prices on nationally established exchanges. Private equity values are based on the gross property value of managed real estate investments utilizing valuation techniques including, but not limited to, 10-year discounted cash flows, direct income capitalization, and comparable sales. Private debt values are based on (1) the client equity value of a sub-advised debt fund, using valuation methods including discounted cash flows and recovery analysis, and (2) the principal balance of bonds in a CDO structure for which Urdang is collateral manager.