Number of QDII funds may double by end of 2011

BEIJING, 20 October 2011 — BNY Mellon, the global leader in investment management and investment services, has been selected by Industrial and Commercial Bank of China ("ICBC") as the global custodian for a new qualified domestic institutional investors ("QDII") fund in China launched by Harvest Fund Management Co., Ltd ("Harvest FMC") in July 2011. The new fund is called the Harvest Gold Fund. Founded in 1999 and head quartered in Shanghai, Harvest Fund Management was the first joint venture to obtain a QDII license in 2007.

"With prevailing challenging global markets, exposure to commodities is in demand around the world, especially to gold which has been reaching record highs," observed Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing who noted the number of QDII funds have grown by 50% in the first seven months of this year.

"Asset managers are rolling out a greater range of innovative products, which is not only terrific news for investors who want greater returns and more choice, but a positive move forward for the development of the mutual fund market in China. We expect the number of QDII funds approved by the regulator to potentially double by the close of 2011."

BNY Mellon was awarded the very first global custody mandate for a QDII fund in 2007 and today continues to be the leader with the largest market share in this funds segment in China.

BNY Mellon has had a presence in mainland China for over 15 years with branches in Shanghai and Beijing. The company provides a wide variety of products and services to Chinese institutional investors including asset management, asset servicing, treasury services, depositary receipts and global markets. In February 2011, the China Banking Regulatory Commission (CBRC) granted BNY Mellon a license to conduct local currency business in China. The company's Shanghai branch began offering RMB foreign exchange (FX) and money market services in April 2011, and BNY Mellon also recently began offering offshore RMB settlement services to corporate clients in Hong Kong.

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 $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.8 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 (NYSE: BK). Additional information is available at www.bnymellon.com and through Twitter @bnymellon.