BNY Mellon Investment Manager and Falcon Southwest See Opportunity in Multifamily Market

PLYMOUTH MEETING, PA, September 17, 2012 — URDANG, the real estate manager for BNY Mellon, and its joint venture partner Falcon Southwest have announced the acquisition of Deerfield Apartments, a 324-unit apartment community in Austin, TX.

Urdang's portion of the investment was made through a separate account managed by Urdang Capital Management, Inc. The property was purchased from Nevins Adams Lewbell Schell and brokered by Holliday Fenoglio Fowler, LP. Terms of the transaction were not disclosed.

Deerfield is a southwestern Austin apartment community accessible from the city's central business district, Austin-Bergstrom International Airport, the popular South Lamar and South Congress food and entertainment districts, and major regional employers including Advanced Micro Devices and Freescale Semiconductor.

"We acquired a quality asset in a fundamentally sound location at an attractive price," said Jeff Reder, senior vice president, Urdang Capital Management. "We believe that our planned improvements, strong rental demand in the area, and supply constraints will combine to increase the value of the property."

Improvements are expected to include the installation of stainless steel appliances, updated interior flooring and countertops, and significant upgrades to the pool and other common areas, according to Urdang.

"Due to our knowledge of this submarket, we were able to identify the opportunity to acquire Deerfield and enhance its value," said Phil Capron, chairman of Falcon Southwest. "We expect the growing demand for superior rental housing coupled with limited near-term supply will lead to healthy rent growth over the next few years."

Falcon Southwest is a dynamic, entrepreneurial real estate investment firm dedicated to earning high, risk-adjusted returns through value-added acquisition and repositioning opportunities. The company's investment strategy emphasizes direct acquisitions or recapitalizations of office, industrial and multifamily properties. Primary target markets are located throughout the Southwestern United States and include Phoenix, Houston, Dallas-Fort Worth, Austin and San Antonio.

Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing approximately $5.6 billion in public real estate securities through Urdang Securities Management, Inc. and approximately $2.6 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 Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.3 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.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 $27.1 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.5 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.

All information source BNY Mellon as of June 30, 2012. 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 Investment 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