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Japan-based exporters, industrial companies selling into the domestic market and regional banks could be among the beneficiaries of the recent moves by the Japanese government to stimulate the economy, according to a white paper from The Boston Company Asset Management (TBC).

The paper, Japan: Assessing the Future of Abenomics, looks at the potential beneficiaries of the policies implemented by the government of Prime Minister Shinzo Abe, which include an expansionary monetary policy, a sizable stimulus package, and an economic growth strategy encompassing deregulation and structural reforms.

"While the weakening yen already is benefitting exporters, they could do even better if Prime Minister Abe can successfully integrate Japan into the Trans-Pacific Partnership (TPP), a free trade pact with other Asian countries, the U.S. and other countries in the Americas," said William J. Adams, portfolio strategist for TBC and the report's author. "Inclusion in the TPP would indicate willingness to open parts of Japan's economy, such as agriculture, to global competition."

The prime minister's program could benefit domestic-oriented companies in the industrial segment as they benefit from the appreciation of their property assets and future development opportunities, the report said. Regional banks could benefit from increasing lending and consolidation synergies if more aggressive reforms pass the Japanese Diet, according to the report.

In addition, the report said some retailers could benefit from the ability to pass on the effects of higher prices in an economy experiencing moderate wage inflation.

"Investors will have various signals over the next year to see if significant reform will be introduced in Japan that could promote improved growth prospects," said Adams. "For example, joining the TPP would indicate that Japan's views on free trade have changed for the better and provide an additional boost to exporters facing international trade barriers."

The Boston Company Asset Management, LLC, a BNY Mellon Investment Management boutique, provides investment management services for corporate, public, mutual funds and union sponsored and jointly trusteed retirement plans, endowments and foundations. Assets are managed by The Boston Company as well as its personnel acting as dual officers of either The Dreyfus Corporation or The Bank of New York Mellon.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 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 investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

All information source BNY Mellon as of December 31, 2012. This press release is qualified for issuance in the UK and US 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 (US) and BNY Mellon Asset Management International Limited (ex-US) 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. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company.

The days of worrying about the threat of a devastating oil price hike are over, according to a white paper from The Boston Company Asset Management (TBC), LLC, the Boston-based equity specialist for BNY Mellon.

For decades, pundits have been trying to predict the point at which a sustained climb in oil prices would spark a near-collapse of the global economy. However, TBC's February 2013 paper, End of an Era: The Death of Peak Oil, contends structural shifts in the energy industry have insulated the global economy from dramatic spikes in oil prices, while simultaneously creating an array of investment opportunities.

After years of indifference, U.S. consumers have radically reduced their consumption of petroleum and related products, moderating demand in the world's largest market, according to the report. Concurrently, heightened investments and technological breakthroughs, such as fracking, have spurred an explosion in resources, creating balanced supply and demand, the report said.

Areas of investment opportunity highlighted in the report include exploration companies, energy service companies, pipeline and transportation companies, companies that benefit from the low cost of gas and associated liquids, and companies that sell products to firms that directly are involved in natural gas and oil production.

The changing environment for energy has created potential traps for investors, warns Robin Wehbe, who heads the energy research team at TBC and is a co-author of the report. "Exploration companies have become victims of their own success as natural gas discoveries have led to a glut of new supply and depressed prices," he said. "However, investors who can identify exploration companies operating in the most profitable and prospective shale plays can find opportunities."

Energy services companies drill wells and perform other services for the exploration companies. The report notes that services companies operating technologically advanced horizontal operating drilling rigs are integral to recovering the new sources of oil and gas from shale.

Increasing shale and oil production also is likely to create demand for more pipelines, separation and storage facilities to move crude oil and gas from the wells to refineries and other users. With the relatively strong predictability of future revenues, pipeline companies can then pay higher dividends to shareholders, the report said.

Utilities are expected to benefit from lower fuel costs, and lower natural gas prices are expected to benefit U.S.-based chemical companies, according to the report. These benefits also are expected to extend to refineries and manufacturers, the report said.

The Boston Company Asset Management, LLC, a BNY Mellon Investment Management boutique, provides investment management services for corporate, public, mutual funds and union sponsored and jointly trusteed retirement plans, endowments and foundations.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 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 investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.7 trillion in assets under custody and administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

All information source BNY Mellon as of December 31, 2012. This press release is qualified for issuance in the UK and US 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 (US) and BNY Mellon Asset Management International Limited (ex-US) 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. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company.

Construction, growing energy production in the U.S., cutting-edge technology, the changing health-care landscape and increasing merger-and-acquisition activity are likely to provide investment opportunities during 2013, according to a white paper from The Boston Company Asset Management, the Boston-based equities investor for BNY Mellon.

In the paper, The Boston Company's U.S. Small Cap Growth team concludes that investment opportunities will exist despite the continuing low-return environment. "In a low-interest rate environment, investors likely will be willing to pay for companies that can deliver growth," according to the paper, Investment Themes for 2013.

Beneficiaries of the low rates will be the housing industry as well as the construction industry across both residential and non-residential markets, the report said. On the other hand, the report said banks will continue to feel pressure from low rates that have compressed net interest margins.

On energy, The Boston Company pointed to advances in drilling technology that have led to increases in oil and natural gas production.

"We are investing in companies that benefit from the growing volume of hydrocarbon being extracted in the U.S., but are looking to avoid those that would be adversely affected if commodity prices moderate over time," said B. Randall Watts, Jr., lead portfolio manager for the Small Cap Growth team. "We like the companies that supply equipment and services to this industry, such as pipelines, processing plants and storage."

In technology, The Boston Company said it favors companies that help carriers improve wireless service and facilitate offerings accessed through smartphones. In health care, The Boston Company expects to find opportunities in biotech, specialty pharmaceuticals, Medicaid managed care and selected health care services.

Merger-and-acquisition activities, which The Boston Company expects to accelerate in 2013, could provide opportunities for investors, the report said. "As uncertainties surrounding the U.S. elections and fiscal cliff dissipate and the eurozone makes headway in resolving its debt crisis, companies may become more confident about putting their capital to work," the report said.

Watts added, "With continuing low interest rates, there is less incentive for companies to hoard cash. So companies with healthy balance sheets are more likely to acquire market share, talent, intellectual property and new products."

The Boston Company Asset Management, LLC, a BNY Mellon Investment Management boutique, provides investment management services for corporate, public, mutual funds and union sponsored and jointly trusteed retirement plans, endowments and foundations.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 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 $26.7 trillion in assets under custody/administration and $1.4 trillion in assets under management, services $11.4 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.

All information source BNY Mellon as of December 31, 2012. This press release is qualified for issuance in the UK and US 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 (US) and BNY Mellon Asset Management International Limited (ex-US) 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. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company.

The unreliable availability of market liquidity since the onset of the 2008 financial crisis has made investors' portfolios more vulnerable to periods of market stress, but it also has provided opportunities for those who can exploit pricing dislocations that could result, according to a white paper written by the heads of trading from three BNY Mellon Investment Management investment boutiques.

Changing business conditions and the effects of regulatory changes such as Basel III and the Volcker Rule have impaired over-the-counter dealer markets such as those that trade bonds, the traders said. In addition, the trading volume of stock markets now is dominated by high-frequency dealers, the report said. The report, The New Liquidity: Investment Implications of Structural Market Changes, noted that the high-frequency traders differ significantly from traditional dealers.

"While they deliver fast execution and tight spreads for small orders, they supply less stability and less reliability for highly demanding orders," said David Brooks, a co-author of the report and managing director of global equity trading at The Boston Company Asset Management, LLC, a BNY Mellon investment manager. "They also are less reliable and stable for all orders during periods of market stress."

The major source of dealer liquidity historically came from human specialists on traditional exchanges or from the trading desks of broker/dealers, the report said. The increased automation of exchanges decimated the ranks of the specialists on traditional exchanges, while reduced margins, general banking deleveraging, stricter capital requirements and a greater focus on core businesses have dramatically reduced the capabilities of the trading desks, the BNY Mellon traders said.

Credit markets have been affected more than the equity markets because the bond markets are more diffuse as corporations have many different bond issues, and some could go days or weeks without being traded, the report said.

"Investors need to be prepared for higher volatility because of growing liquidity constraints, especially in certain parts of the bond markets," said Lynn Challenger, a co-author of the report and managing director of trading at Mellon Capital Management Corporation, a BNY Mellon investment manager. "They should consider their liquidity needs in both benign and turbulent markets and how they will source it."

Another defensive move suggested by the traders is for investors to maintain tighter tolerance ranges around asset allocation targets so they have a smaller effect on the markets when they need to rebalance.

However, the fragmentation of liquidity also is likely to create transitory distortions in prices, providing opportunities for those with readily available capital and the ability to deploy it before the opportunity disappears, said Amy Koch, a co-author of the report and managing director of fixed income trading at Standish Mellon Asset Management Company, a BNY Mellon investment boutique.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 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 $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 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 (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.

All information source BNY Mellon at September 30, 2012. This press release is qualified for issuance in the UK and US 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 (US) and BNY Mellon Asset Management International Limited (ex-US) 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. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company

Pharmaceuticals, medical technology and health care infrastructure lead the list of attractive health care opportunities in emerging markets, according to The Boston Company Asset Management.

These trends are identified in a recent white paper from The Boston Company, Global Wealth Creation: The Impacts on Emerging Markets Health Care, which predicts the health care segments that are poised to benefit from continuing economic development in emerging markets.

The expansion of the emerging markets middle class is enabling a growing portion of the population to afford essential care, and increasing government investment in public health care systems also is driving growth for health care services, according to The Boston Company report.

"While the rise in wealth is rapidly transforming health care in emerging markets, significant challenges remain," said Frank J. Goguen, senior research analyst and a co-author of the report. "Investing in the sector requires a selective and fundamental approach to uncover quality companies that will capitalize on the secular growth trends inherent in emerging markets health care."

As an example of the opportunities and obstacles in emerging markets health care, the report points to the rapid expansion of health insurance and the pharmaceuticals industry in China. Yet, among the obstacles that China must surmount are inefficient distribution of pharmaceuticals and a hospital system that often provides haphazard and unreliable levels of care, the report said.

The report points to other trends, both positive and negatives. These include the projected growth of the pharmaceuticals industry in Russia and the overwhelming effects health-care expenses have on rural poverty in India.

Brazil, like its BRIC counterparts, must contend with overcrowded hospital waiting rooms and undertrained operators of medical equipment, the report said. However, The Boston Company sees growth in Brazilian private health insurance and increased public funding for medical facilities and training.

"Success for these emerging countries ultimately will be measured by a rise in life expectancy, a decline in child mortality rates, and healthy economic growth," Goguen said.

The Boston Company Asset Management, a BNY Mellon Investment Management boutique, provides investment management services for corporate, public, mutual funds and Taft-Hartley retirement plans, endowments and foundations.

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 (NYSE: BK). 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 UK and US 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 (US) and BNY Mellon Asset Management International Limited (ex-US) 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. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company

The biggest potential beneficiaries from the anticipated resurgence of U.S. manufacturing include U.S.-based small and midsize industrial suppliers and distributors, according to a white paper from The Boston Company Asset Management, LLC, the Boston-based equity manager for BNY Mellon.

The white paper, Potential Beneficiaries of a U.S. Manufacturing Renaissance, concludes that a series of incremental changes over the past decade have allowed U.S. manufacturing to become more globally competitive. These include:
- A weakening dollar,
- Narrowing wage differentials between the U.S. and other key manufacturing economies,
- Declining natural gas prices in the U.S., and
- Increasing costs and slower speeds of global supply chains.

"The significant decline in the dollar against other key currencies over the last 10 years has reduced the relative cost of U.S. wages," said Shirley E. Mills, vice president and senior research analyst for The Boston Company and the report's author. "This is among the factors that have helped to drive down the labor costs in the U.S. versus many other countries, reducing corporations' incentives for sending production outside the U.S."

Labor has become an increasingly less important cost component of manufacturing, as automation has increased, the report said. In addition, energy, another important production component, has become less expensive in the U.S. as natural gas prices continue to decline, making the U.S. more attractive to manufacturers, according to the report.

The Boston Company also cited the February 2012 rise in U.S. manufacturing payroll employment, which marked the first time that manufacturing employment grew faster than the non-manufacturing payroll since the 1980s, according to the report. While large multinational companies are likely to allocate greater production to the U.S. because of these favorable trends, the smaller U.S.-based operations that supply these larger manufacturing complexes are likely to grow faster, the report said.

"We see the list of winners encompassing components suppliers, transportation companies and raw material producers," said Bart A. Grenier, chief executive officer and chief investment officer of The Boston Company. "The most attractive beneficiaries may not be the most obvious. In addition to the direct beneficiaries, we see benefits accruing to retailers, banks and others that serve regions where manufacturing activity increases."

The report notes that the shift toward higher U.S. manufacturing could stall for a number of reasons, such as a significant appreciation of the U.S. dollar or a lower differential between the price of natural gas in the U.S. and other manufacturing areas. It also notes that the lower cost for natural gas could dampen the prospects of some U.S. industries such as the coal industry.

The Boston Company Asset Management, a BNY Mellon Investment Management boutique, provides investment management services for corporate, public, mutual funds and Taft-Hartley retirement plans, endowments and foundations.

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 $26.6 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.9 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 (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.

All information source BNY Mellon at March 31, 2012. This press release is qualified for issuance in the UK and US 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. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Asset Management International Limited (ex-US) 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. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: 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

He is responsible for developing The Boston Company's capabilities across the alternative investment space, including hedge funds, long/short funds, sector-specific portfolios, market-neutral strategies and other specialties. In this newly created position based in Boston, he reports to Bart Grenier, chairman, chief executive officer and chief investment officer of The Boston Company.

Joffe has also assumed the position of chief administrative officer, also newly created, overseeing operations and support service. In this role, he reports to Joseph P. Gennaco, president and chief operating officer.

"Our firm is dedicated to providing clients with innovative investment options, including an expanding array of alternative strategies," Grenier said. "Adam's knowledge, experience and vision will contribute greatly to the dynamic evolution of our alternatives offerings."

Before joining The Boston Company, Joffe served as chief financial officer and senior vice president at New York-based First Eagle Investment Management. Prior to that, he spent more than 10 years at Deutsche Asset Management in various roles, including chief operating officer of hedge funds and fund of funds for the DB Advisors Hedge Fund Group.

Joffe received his MBA and bachelor's degrees from Bryant University in Rhode Island. He was a certified public accountant in the state of Rhode Island and is a CFA charterholder.

Note to editors

The Boston Company Asset Management, a BNY Mellon Asset Management investment boutique, provides investment management services for corporate, public, mutual funds and Taft-Hartley retirement plans, endowments and foundations.

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 $26.6 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.9 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 Asset Management at March 31, 2012. This press release is qualified for issuance in the UK and US 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. This press release is issued by BNY Mellon Asset Management (US) and BNY Mellon Asset Management International Limited (ex-US) 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 of BNY Mellon Asset Management International Limited: 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 (SM)

"I am excited to announce new leaders at two of the investment firms within BNY Mellon Asset Management, an extremely talented individual promoted internally in Gabby, and an industry leader newly recruited to our company in Bart," said Curtis Arledge, CEO of BNY Mellon Asset Management.

"Gabby's promotion is a natural transition in recognition of her exceptional leadership at Mellon Capital where she has worked closely with Charlie Jacklin and the rest of the team. Bart's background blends years of demonstrated investment expertise with a deep understanding of what clients need from their investment manager. Importantly each of these talented and insightful individuals will become valuable contributors to the broader mission of BNY Mellon Asset Management," he continued.

Parcella joined Mellon Capital in 1997 and became chief operating officer in 2008. During her tenure at the firm, she has ensured a focus on risk management, fiduciary integrity and management capabilities. Charlie Jacklin will become chairman of Mellon Capital and will focus his time on investment strategies and client relationships. Tom Loeb, currently chairman, will join his Mellon Capital co-founder, Bill Fouse, in the role of chairman emeritus.

Commenting on her appointment, Parcella said: "We have a tremendous opportunity. Mellon Capital had a strong end to 2010 and is well positioned for 2011. With robust investment strategies and strong relationships with our clients, we will continue our focus on providing long term positive returns and world class client service."

Grenier joins TBCAM from Deutsche Asset Management where he was Chief Investment Officer and Global Head of Institutional Investments at DB Advisors. During his tenure in this role, he managed a large global investment organization, spanning equities, fixed income, cash management, and alternatives. Prior to Deutsche Asset Management, Grenier spent 14 years at Fidelity Management & Research Company (FMR) where he was a Senior Vice President, overseeing a $500 billion investment platform. At FMR, he also served as the Director of Equity Research, Director of High Income Research, and President of Fidelity Ventures. Grenier will join TBCAM on June 1st, and will work with David Cameron on a smooth transition of responsibilities. Cameron will assume a senior role within BNY Mellon Asset Management where he will assist the leadership team with its firm-wide strategic agenda.

Grenier said: "TBCAM's operating platform is strong and I see excellent opportunities for growth. I look forward to partnering with clients to meet their investment objectives. With a positive investment outlook, this is an exciting time to be joining this global asset management franchise."

Arledge concluded: "I would like to thank Charlie and Dave for their exceptional leadership at Mellon Capital and TBCAM. They have steered their businesses through a challenging investment environment, and as a testament to their success we are delighted that they will still be actively involved at BNY Mellon Asset Management. At the same time, the elevation of Charlie and Dave to new roles gives us a terrific opportunity to place highly talented people in new leadership positions." The changes at Mellon Capital are effective immediately. 

Notes to Editors:

Founded in 1983 by innovators in the investment management field, Mellon Capital Management Corporation applies a disciplined and analytical approach to global investment management strategies. The firm has $208 billion in assets under management, including assets managed by dual officers of Mellon Capital Management Corporation, The Bank of New York Mellon and The Dreyfus Corporation, and $9.2 billion in overlay strategies. Additional information about Mellon Capital is available at www.mcm.com. It is part of BNY Mellon Asset Management, one of the world's largest asset managers.

The Boston Company Asset Management, LLC, a BNY Mellon Asset Management investment firm, manages $39 billion in assets for more than 450 clients worldwide. The firm specializes in providing a broad range of actively managed U.S., global, emerging markets and alternative products with a fundamentally based approach to security research implemented in a consistent and disciplined fashion. It provides investment management services for corporate, public, mutual funds and Taft-Hartley retirement plans, endowments and foundations. The firm also includes assets managed by The Boston Company personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon.

BNY Mellon Asset Management is the 11th largest asset management company globally and the parent organization for BNY Mellon's affiliated investment management firms and global distribution companies.

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.

All information source BNY Mellon Asset Management at December 31, 2010. This press release is qualified for issuance in the UK and US 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 (US) and BNY Mellon Asset Management International Limited (ex-US) 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 of BNY Mellon Asset Management International: The Bank of New York 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 (SM)