Building on the foundations of an impressive five year track record*

London, 1 February 2011 — BNY Mellon Asset Management announces the launch of the BNY Mellon Absolute Return Equity Fund, the first fund in its range to be managed by Insight Investment Management (Global) Limited ('Insight Investment'). The Fund will be a sub-fund of the Dublin-domiciled, UCITS III authorised, BNY Mellon Global Funds, plc range.

Launching on Monday 31 January 2011, the Fund will be managed by Insight Investment's highly experienced specialist equity team, who have established a five year track record of generating positive returns in the Absolute Insight UK Equity Market Neutral strategy*. Insight Investment is part of BNY Mellon Asset Management.

Paul Feeney, head of international distribution at BNY Mellon Asset Management, comments, "We are delighted to be bringing our first new BNY Mellon fund to the market that is managed by Insight Investment. The launch of a fund utilising a skill set which has differentiated Insight Investment from its industry peers, for innovation and product leadership in the absolute return sector, is very rewarding. We believe this new fund will be an attractive proposition for investors."

The Fund will aim to deliver positive absolute returns in all market conditions, over a 12 month period, investing in both long and short positions in the pan-European market by employing a paired trade approach. Through focused research conducted by a cohesive and highly skilled team of investment professionals, the Fund aims to identify pricing anomalies and profit from those opportunities through carefully constructed investment positions where risk is focused on the specific return drivers being targeted, while unwanted risks are hedged out.

Abdallah Nauphal, chief executive officer and chief investment officer – investments, at Insight Investment, added, "With significant imbalances remaining in the global economy, we believe that markets will remain volatile for some time. In this environment an active approach to managing a portfolio's market exposure will prove crucial in harnessing strong absolute returns for clients. The new BNY Mellon Absolute Return Equity Fund aims to fulfil this need within a robust risk management framework."

He continued, "With over five years experience of successfully managing equity-based absolute return strategies, including a period of exceptional market turbulence, we believe that we are well-placed to deliver this type of solution."

The Fund's investment process will capitalise on the skills and stock picking experience of the team and will be grounded in the paired-trade approach which Insight's specialist equity team has applied within its Absolute Insight UK Equity Market Neutral Strategy since May 2005. The Fund will also be able to take large investment positions and directional market exposure to capture upside opportunities. As well as the dynamic management of net and gross exposure and daily liquidity, the managers will employ a stop-loss discipline on each investment position to help contain downside risk and drawdowns. Although the Fund will have no geographical constraints, initial focus will be on pan-Europe, with a bias towards the UK.

Andy Cawker, head of specialist equities at Insight Investment and co-manager of the BNY Mellon Absolute Return Equity Fund concluded, "Following a prolonged period of heightened market volatility, many investors are recognizing the value of specialist investment strategies which have the potential to participate in rising markets and can also deliver positive returns when markets fall. By blending our pair-trade stock selection skills with dynamic hedging informed by our broader understanding of market conditions, we aim to give investors smoother long-term returns, without sharp fluctuations in the value of their investments."

BNY Mellon Asset Management is the umbrella organisation for BNY Mellon's affiliated investment management firms and global distribution companies. Information about BNY Mellon Asset Management is available at www.bnymellonam.com.

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 $25.0 trillion in assets under custody and administration and $1.17 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.

Insight Investment manages funds for institutional and retail clients across a range of asset types including equities, bonds, derivatives and alternatives, with the aim of providing precise investment solutions for investment needs. Insight's assets under management total more than $168.1 billion.

*Source Insight and Bloomberg as at 31 December 2010. Absolute Insight UK Equity Market Neutral Fund benchmark: 3 Month GDP LIBID (gross of UK tax). Inception date: 28 February 2007. All other information source BNY Mellon Asset Management International Limited as at 31 December 2010. This press release is qualified for issuance in the UK only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorised. BNY Mellon Global Funds, plc is an open-ended umbrella type investment company with variable capital (ICVC) and segregated liability between sub-funds, incorporated with limited liability under the laws of Ireland. It qualifies and is authorised in Ireland by the Central Bank of Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (S.I. No 211 of 2003), as amended. The Manager of BNY Mellon Global Funds, plc is BNY Mellon Global Management Limited. BNY Mellon Global Management Limited, 33 Sir John Rogerson's Quay, Dublin 2, Ireland. The Manager is approved as a management company and regulated by the Irish Financial Regulator under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (SI No 211 of 2003), as amended. The Global (ex. US) Distributor of BNY Mellon Global Funds, plc is BNY Mellon Asset Management International Limited. 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: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorised and regulated by the Financial Services Authority. A BNY Mellon Company..