BNY Mellon Investment Manager and Randolph Street to Complete Construction

PLYMOUTH MEETING, PA, June 23, 2011 — URDANG, the real estate investment manager and part of BNY Mellon Asset Management, and its joint venture partner Randolph Street Realty Capital have announced the acquisition of a partially completed 163-unit Class A apartment building in Tacoma, Washington.

URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P. (Fund II), a closed-end private real estate fund managed by Urdang Capital Management, Inc. The property was purchased from a private seller. Terms of the transaction were not disclosed.

The apartment building, located prominently on a hill at 2368 South Yakima Avenue, overlooks downtown Tacoma. Jeffrey B. Reder, senior vice president, acquisitions, Urdang Capital Management, said the building is approximately 50 percent finished and that he expects it to be completed by the summer of 2012. "We expect this building will have among the best interior finishes and amenity packages in the market, including a state-of-the-art fitness center, theater room and outdoor courtyards."

The completed apartment building is expected to benefit from favorable local market conditions, including a low vacancy rate, a limited supply of Class A rental units and its desirable location for those seeking to live near large employers including four hospitals within a four-mile radius, the Port of Tacoma, a large U.S. Army military base and the University of Washington Tacoma, University of Puget Sound and Tacoma Community College.

"This represents the type of investment that Urdang actively is pursuing," said Reder. "We are excited about the opportunity to acquire quality real estate that has gone back to the banks at an attractive price. We now have the ability to deliver housing that is among the highest quality in the market at a compelling value. With limited near-term supply and strong current demand, we feel this project is poised to benefit."

"This is an excellent opportunity to acquire a lender-owned distressed asset where we can utilize our local experience to create significant value for our investors," said Robert Tanaka, principal of Randolph Street Realty Capital. "We have been tracking the project for over a year and we are excited to get the deal closed with an excellent partner like Urdang. We continue to focus on acquiring lender-owned and value-added opportunities in the multi-family space."

Randolph Street Realty Capital, based in Chicago, is an entrepreneurial real estate investment firm specializing in the acquisition of and management of both distressed and stabilized multifamily properties. Randolph Street structures its acquisitions as joint ventures with equity partners and focuses on opportunistic investments within the multifamily space. To date Randolph Street has completed acquisitions in Washington, Illinois, Florida and California.

Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing approximately $2.4 billion in public real estate securities through Urdang Securities Management, Inc. and approximately $1.4 billion in debt and private equity real estate investments through Urdang Capital 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.

BNY Mellon Asset Management is one of the world's leading asset management organizations, encompassing BNY Mellon's affiliated investment management firms and global distribution companies. Information about BNY Mellon Asset Management can be found 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, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 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.

All information source BNY Mellon Asset Management as of March 31, 2011. This press release is qualified for issuance in the US 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 authorized. This press release is issued by BNY Mellon Asset Management 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. A BNY Mellon Company(SM)