Prepared for professional clients only

Rewriting the rules on bond investing – a global opportunistic approach

Raman Srivastava

Co-Deputy CIO and Managing Director of Global Fixed

Income at Standish, a BNY Mellon company

26th February 2014

Any views and opinions expressed hereafter are those of the investment manager, unless

otherwise stated

BNY Mellon Investment Management EMEA Limited

1 As at 31 December 2013

• Total AUM US$1.6 trillion1

• Institutional grade investment management, innovation and market leading intelligence

• Each investment manager has its own proprietary investment processes

No ‘house view’ is imposed: there is no overall Chief Investment Officer

Each investment manager retains complete investment autonomy

• An entrepreneurial, focused approach is encouraged

Each investment manager focuses solely on investment management

• A great breadth and depth of expertise in every major asset class and sector

More than 275 institutional investment management product offerings

1

A multi-boutique investment management model encompassing

investment skills of world class specialist investment managers

BNY Mellon Investment Management EMEA Limited Our world class specialist asset managers

1 AUM for The Alcentra Group. 2Effective 9 September 2013, BNY Mellon ARX Investimentos Ltda was renamed ARX Investimentos Ltda. 3 A division of The Dreyfus Corporation. 4 Effective 1 July 2013, Urdang Securities Management, Inc changed its name to CenterSquare Investment Management, Inc. 5Minority Owned. 6In North America and Australasia the Insight Investment Group operates under the Insight Pareto brand. 7Assets under management are represented by the value of cash securities and other economic exposure managed for clients. 8Meriten Investment Management GmbH (formerly WestLB Mellon Asset Management) is wholly owned by The Bank of New York Mellon Corporation following the buyout of the remaining 50% of the 50:50 joint venture with Portigon (formerly WestLB AG) in October 2012. 9 AUM for The Newton Group. Provisional AUM has been provided by each asset manager as at 31 December 2013. Total AUM includes the asset managers outlined in this file as well as The Dreyfus Corporation, BNY Mellon Wealth Management and external data.

2

Total AUM US$1.6 trillion

Global sub-investment grade

debt asset management

US$20.1bn1

Brazilian multi-strategy, long/short,

long-only and fixed income strategies

US$6.1bn

Money market funds

US$247.4bn

Greater China capital

market specialist

US$102mn

Active fundamental equity manager;

core, growth & value styles; U.S., global

and world ex-domestic market

US$47.6bn

U.S. & Global real estate investment

management

US$6.7bn

Fund of hedge funds; non-proprietary

manager of managers

US$5.3bn

Asian equities

management

US$1.1bn

Leader in liability driven investment, fixed income, currency risk management,

multi-asset, absolute return and specialist equity solutions US$452.7bn7

Global multi-asset solutions and

strategies ranging from indexing to

alternatives

US$354.7bn

European fixed

income and equities

US$26.3bn

Active equity and bond, multi-asset,

real-return and income solutions in a

global thematic framework

US$85.6bn9

Multi-strategy private equity investing;

direct investment and fund-of-funds

US$10.3bn

Award-winning global, emerging

markets and regional fixed income

solutions specialist

US$162.4bn

Global equity

investment management

US$73.6bn

2

3

4

6

8 5

Corporate Overview Standish By The Numbers

Source: Standish as at 31 December, 2013. 1 Assets under management (AUM) are preliminary as of December 31, 2013. This figure includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation or The

Bank of New York Mellon, and high yield assets managed by personnel of Alcentra NY, LLC acting as dual officers of Standish. Standish, Dreyfus, and Alcentra are registered investment advisers; they and The Bank of New York Mellon are wholly-owned subsidiaries of The Bank of New York Mellon Corporation.

2 Includes shared employees of Standish Mellon Asset Management (UK) Limited and MBSC Securities Corporation, both affiliates of Standish Mellon Asset Management Company LLC ("Standish"), contracted employees from BNY Mellon Investment Management Singapore Pte. Limited, and employees of Alcentra NY, LLC acting as dual officers of Standish. These individuals may from time to time act in the capacity of shared employees of Standish, performing sales, marketing, portfolio management support, research and trading services for certain Standish managed accounts.

In addition, Standish is also supported by BNY Mellon Asset Management Operations LLC (“BNYM AM Ops”) which is a legally separate entity that provides services related to all aspects of IT and operations, including front, middle and back office services through a Service Level Agreement.

3

SMAMCO1

Dedicated exclusively

to fixed income and

credit solutions

1933

Year Standish is founded

162 billion

USD in assets under management1

138 Investment professionals

located in U.S., U.K., & Singapore2

U.S., regional and global mandates

With clients in 41 countries

193 employees2

Resynchronisation of Global Growth as Emerging Markets Recover

4

Real GDP Growth

Source: Standish and the International Monetary Fund

(MF) as at December 2013

Standish IMF Difference (Standish – IMF)

Real GDP CPI Real GDP CPI Real GDP CPI

Survey 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014

United States 2.8 2.5 2.7 1.8 1.5 1.8 2.8 1.6 2.6 1.8 1.2 1.7 0.0 0.9 0.1 0.0 0.3 0.1

Japan 2.0 2.0 1.8 -0.2 0.8 3.0 2.0 2.0 1.2 -0.2 0.7 3.5 0.0 0.0 0.6 0.0 0.1 -0.5

United Kingdom 0.2 1.4 2.4 2.6 2.6 2.4 0.2 1.4 1.9 2.6 2.7 2.3 0.0 0.0 0.5 0.0 -0.1 0.1

Euro-zone -0.6 -0.4 1.2 2.2 0.8 0.7 -0.6 -0.4 1.0 2.2 1.3 1.4 0.0 0.0 0.2 0.0 -0.5 -0.7

Developing Asia 6.4 6.5 6.5 4.8 4.3 4.4 6.4 6.3 6.5 4.8 4.8 4.6 0.0 0.2 0.0 0.0 -0.5 -0.2

Eastern Europe & CIS 2.5 1.8 2.7 5.6 5.0 4.5 2.5 2.2 3.1 5.6 5.4 4.9 0.0 -0.4 -0.4 0.0 -0.4 -0.4

Latin America 2.9 2.5 3.3 5.9 6.9 6.4 2.9 2.7 3.1 5.9 6.9 6.4 0.0 -0.2 0.2 0.0 0.0 0.0

Global 3.2 3.0 3.6 3.8 3.5 3.6 3.2 2.9 3.6 3.8 3.6 3.7 0.0 0.1 0.0 0.0 -0.1 -0.1

Source: Standish & International Monetary Fund (MF) as at 7 January 2014

January 2014

Monetary Policy to Diverge Between the U.S., Europe and Japan

Source: The U.S. Federal Reserve, The Bank of England, The Bank of Japan, The European Central Bank and The International Monetary Fund (IMF) as at 31 December 2013

5

Central Bank Balance Sheets

Not all Emerging Markets are Created Equal

• Historically, common vulnerabilities led to increased risk of contagion across the asset class

• Today, one can no longer view the emerging universe as a single group of economies with the same risk

Sources: Standish, Capital Economics; * At PPP exchange rates

6

Grouping Countries Included Key Issues

1. Serially Mismanaged EMs Argentina, Ukraine, Venezuela Deep-seated competitiveness problems, severe strains in balance of

payments, risk of currency crises.

2. EMs living beyond means Turkey, S. Africa, Indonesia Excess credit growth, unsustainable consumption, large current account

deficits. Most vulnerable EMs to tighter global monetary conditions. S.

Africa vulnerable to falls in commodity prices.

3. EMs with legacy problems Hungary, Romania, Bulgaria Fragile banking systems, vulnerable to re-escalation of euro-zone debt

crisis.

4. EMs with domestic structural

problems Brazil, Russia, India, China Old growth models reaching limits. Excess credit growth in Brazil and

China.

5. EMs where outlook brightening Korea, Philippines, Mexico,

Poland, Czech Rep. Growth likely to accelerate in 2014-15.

Key Emerging Market Groupings

US Treasury Chart

7

Treasury Yield Fair Value Comparison

Fair value excludes Fed balance

sheet and flight to quality effects.

This is the original model, 3.66%

Fair value includes Fed

buying effects, 2.82%

Actual, 3.03%

Fair value includes both

Fed buying and flight to

quality premiums, 2.7%

Source: Standish and Barclays as of 31 December 2013.

Projected Total Returns in a Rising Rate Environment

Source: Standish as at 21 January 2014. Assumptions that formed the basis for the forecasts are listed above. References to future returns are not promises or even estimates of actual returns Standish may achieve, and should not be relied upon. The forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. In addition, the forecasts are based upon subjective estimates and assumptions about circumstances and events that may not yet have taken place and may never do so. Please see important disclosures at the end of this presentation. Projected returns based on following indices: JP Morgan EMBI Global, JP Morgan GBI-EM Global Diversified, Barclays US Aggregate Corporate, Bank of America Merrill Lynch High Yield Index, Barclays Euro Aggregate Corporate, Bank of America Merrill Lynch Euro High Yield Index.

EM (US$

Denominated) EM (Local Currency) US Investment Grade US High Yield

Euro Investment

Grade Euro High Yield

Projected 1 Year Total Returns 1.80% 5.80% -0.20% 4.90% 0.60% 3.20%

Assumptions:

US 10 Yr Treasury 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

CPI (base case) 2% 5% 2% 2% 1.30% 1.30%

GDP (base case) 2.50% 6% 2.50% 2.50% 1.50% 1.50%

Initial Valuation (as at Dec 2013) Spread of 327 bps Yield of 6.85% Spread of 113 bps Spread of 422 bps Spread of 115 bps Spread of 362 bps

Terminal Valuation Spread of 320 bps Yield of 7% Spread of 100 bps Spread of 390 bps Spread of 106 bps Spread of 338 bps

8

What is Opportunistic Fixed Income?

Opportunistic Fixed Income is an unconstrained, absolute return-oriented strategy

• Objective is to deliver positive returns independent of market cycles, including rising interest rate environments

• Diversified, multi-sector, global opportunity set which offers greater alpha opportunities

• Benchmark-agnostic strategy; success is measured by absolute returns rather than relative returns

• Focus on downside risk control and high risk-adjusted returns

• Reliance on manager’s skill as the primary driver of performance

9

Source: Standish, Barclays as 31 December 2013

Global Fixed Income Opportunity Set

Why Opportunistic Now?

• Developed market government debt and credit trading near historic low yields

• Investors seeking alternative means to achieve returns that are no longer dependent on declining interest rates

• Strategy is unconstrained by duration and focuses on ‘best ideas’ for return generation

• Low historical correlation of returns relative to other asset classes including stocks and U.S. Treasuries

• Differential growth rates between developed markets and emerging markets create richer environment to add value through

country/sector/security selection and, independently, currency exposure

10

Source: Standish, Barclays, JP Morgan at 31 December 2013. Note: “Core” Europe = Austria, Finland, France, Germany, Netherlands; European Periphery = Greece, Ireland, Italy, Portugal, Spain. For illustrative purposes only and not to be taken as investment advice.

Barclays Global Aggregate Bond Index

(ex-European Periphery)

European Periphery & Other Indices

US 39%

Japan 18%

“Core” Europe* 17%

UK 7%

Other 19% European

Periphery 45%

Global High Yield 27%

JPMEM Global (US$)

8%

JPM GBI-EM (Local) 12%

US High Yield Loans

8%

– USD Market Value $39.4 trillion

– Average Duration 6.24 years

– Average Yield 2.29%

– USD Market Value $7.5 trillion

– Average Duration 4.68 years

– Average Yield 4.60%

Proof Statement

Past performance is not a guide to future results. Source: Standish as at 31 December 2013. The performance of the composite is expressed in US dollars. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS®), in the Appendix of this presentation.

10-Year US Treasury has risen in 11 out of the past 20 quarters (shaded)

• Standish Opportunistic FI composite had positive absolute returns in 9 of the 11 periods and outperformed traditional fixed income

benchmarks in 10 periods of rising Treasury yields

11

10 yr US Treasury

Quarterly Move

Standish Opportunistic

FI Composite

Barclays Global

Aggregate Barclays US Aggregate

31/03/2009 0.44% 0.27% (0.01% 0.12%

30/06/2009 0.89% 11.02% 1.50% 1.78%

30/09/2009 (0.24)% 8.12% 3.24% 3.74%

31/12/2009 0.54% 3.27% 0.29% 0.20%

31/03/2010 (0.01)% 4.17% 1.70% 1.78%

30/06/2010 (0.90)% 1.99% 2.26% 3.49%

30/09/2010 (0.42)% 4.81% 2.26% 2.48%

31/12/2010 0.79% 0.84% (1.63)% (1.30)%

31/03/2011 0.17% 1.95% (0.20)% 0.42%

S&P 500

-13.86%

30/06/2011 (0.31)% (0.44)% 1.68% 2.29%

30/09/2011 (1.24)% (3.12)% 2.97% 3.82%

31/12/2011 (0.04)% 1.28% 0.87% 1.12%

31/03/2012 0.33% 3.71% 1.21% 0.30%

30/06/2012 (0.57)% 1.43% 1.50% 2.06%

30/09/2012 (0.01)% 3.90% 2.00% 1.58%

31/12/2012 0.12% 2.88% 0.89% 0.21%

31/03/2013 0.09% 2.12% 0.57% (0.12)%

30/06/2013 0.64% (1.06)% (1.73)% (2.32)%

30/09/2013 0.16% (0.53)% 0.83% 0.57%

31/12/2013 0.34% 1.45% 0.22% (0.14%)

Opportunistic Beta

Demonstrates low correlated volatility with other asset classes

Source: Barclays, JP Morgan and Bloomberg at December 31, 2013. Representative Indices; Barclays US Treasury Index, Barclays US High Yield Index, The U.S. Dollar Index (USDYX), J.P. Morgan GBI-EM Global Diversified Index, and Barclays US Credit Index, respectively. Comparisons are made to demonstrate volatility only and are for illustrative purposes only.

12

Opportunistic Beta since 01/01/2009 Opportunistic Beta since 01/01/2011

- 0.14

0.42

0.16

- 0.25

0.25

0.71

-0.50

-0.25

0.00

0.25

0.50

0.75

1.00

US Treasury US HY SP500 Dollar EMD LC IG

0.08

0.46

0.14

- 0.20

0.19

0.48

-0.50

-0.25

0.00

0.25

0.50

0.75

1.00

US Treasury US HY SP500 Dollar EMD LC IG

Team, Philosophy, & Process Investment Process Overview

13

MACRO

STRATEGY

Standish

Outlook

Macro Scenario

Development

IDEA

GENERATION

Security Selection

Opportunities

CLIENT

PORTFOLIO

Risk Management

and Trading

Client

Objectives

PORTFOLIO

CONSTRUCTION

Factor Risk

Opportunities

Evaluation Metrics

• Value

• Cyclical/Fundamental Factors

• Market Sentiment

Key Interactions

• Global Macro Committee

• Monthly Bond Strategy Forum

• Multi-Sector Investment Committee

• Monthly Single-Sector Investment Meetings

• Daily Investment Team Meeting

• Weekly market review or “jam session”

Analytical Tools

• Standish Leading Indicators

• Proprietary Factor Valuation Models

• Proprietary Ratings Models

• Proprietary Credit and Trend Ratings

• Barclays Point

• CRD/PortTarget

The Investment Team assesses relative value, makes sector

allocation decision and selects among “best ideas,” all while

adjusting for risk budget and client preferences.

Illustrative Parameters

BNY Mellon Global Opportunistic Bond Fund

• Performance aim: cash (3 month USD LIBOR ) + 4.00%

per annum over 5 years before fees. However, a positive

return is not guaranteed and a capital loss may occur.

• Target tracking error: 3% to 7% per annum

• Instruments: cash bonds and derivatives

• No financial leverage

• Focus on rotation among – and security selection within

– high yield, investment grade credit, emerging markets,

mortgages, and non-US bond sectors. Other sectors

including government bonds, municipal bonds, and

securitised bonds are utilised to a lesser degree

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. 1 Allocations are subject to change at any time

14

Normal

allocation targets1

Net sector exposures

• Government Bonds 0% to 100%

• TIPS 0% to 70%

• Mortgage-Backed Securities 0% to 70%

• Investment Grade Corporates 0% to 70%

• ABS / CMBS 0% to 50%

• High Yield 0% to 70%

• Emerging Markets Debt 0% to 70%

Modified duration 0 to 7 years

Number of positions 50 to 150

Dynamic Sector Allocation

Representative Fixed Income Portfolio: Sector Allocation (Q1 2009 – Q4 2013)

Source: Standish as at 31 December 2013. Percentages are subject to change at any time and without notice. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS®).

15

Muni

TIPS

Non-Dollar

EM Debt

High Yield

CMBS

ABS

Investment Grade

MBS

Treasury

(% te

rms)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2009

Q2 2009

Q3 2009

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

-4

-2

0

2

4

6

8

Other

Municipal

CMBS

ABS

Local EM

USD EM

HY

IG

Non US Sov

US Sov

Dynamic Sector Allocation

Source: Standish as at 31 December 2013. Percentages are subject to change at any time and without notice. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS®). *Contribution to Duration.

16

Opportunistic CTD* by Sector

(In

ye

ars

)

(Date)

BNY Mellon Global Opportunistic Bond Fund Positioning as at 31 January 2014

Source: Standish / BNY Mellon Investment Management EMEA Portfolio holdings are subject to change at any time without notice, are for information purposes only and should not be construed as investment recommendations

17

Credit quality breakdown (%)

Currency breakdown (%)

Geographic distribution (%) Sector distribution (%)

Duration distribution (%)

Portfolio characteristics (%)

Description Fund

(in % terms)

AAA 20.57

AA 0.00

A 7.99

BBB 28.94

BB 19.42

B 10.37

CCC 12.71

Country Fund (in % terms)

US 52.53

UK 6.60

Brazil 4.32

Mexico 3.50

Iceland 3.39

Russian Federation 3.15

France 2.88

Portugal 2.44

Spain 2.36

Switzerland 2.34

Ireland 2.20

Italy 2.15

Peru 1.82

Hungary 0.93

Others 9.37 No. of Years

Portfolio duration

(in % terms)

0-5yrs 69.80

5-10yrs 20.31

10-15yrs 3.94

15-20yrs 5.84

20-25yrs 0.10

Description Fund

Average maturity 10.08 years

Average quality BBB-

Average Coupon 4.45%

Current Yield 4.34%

Description Fund

(in % terms)

Corporate 27.84

Securitized 24.12

Emerging Market 20.97

Treasuries and Government-Related 12.41

Developed Agencies 2.07

Cash and derivatives 12.59

Description Fund (in % terms)

USD 104.20

PLN 3.92

NGN 2.09

GBP 2.03

BRL 2.00

NOK 1.97

COP 0.02

ZAR -0.01

JPY -0.02

RUB -0.03

PEN -0.04

SEK -2.00

AUD -2.00

TRY -2.14

NZD -4.03

EUR -5.95

BNY Mellon Global Opportunistic Bond Fund Performance as at 31 January 2014

Please note that sector returns are likely to vary, depending on the timing of data extraction from Lipper. Source: Lipper IM. Fund performance calculated as total return, including annual charges but excluding initial charges, income reinvested gross of tax in USD terms. The impact of the initial charge, which may be up to 5%, can be material on the performance of your investment. Performance figures including the initial charge are available upon request. Past performance is not a guide to future performance. Ratings correct as at current month-end.

18

Cumulative returns between 31/01/2011 to 31/01/2014 (%)

(%) USD 3 months YTD 1 year 3 years

(Cumulative)

3 years

(Annualised)

5 years

(Cumulative)

5 years

(Annualised)

BNY Mellon Global Opportunistic Bond C 1.14 -0.24 0.43 10.03 3.23 - -

LIBOR USD 3 Month 0.06 0.02 0.26 1.03 0.34 2.03 0.40

-5

-2

1

4

7

10

13

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Pe

rce

nta

ge

gro

wth

BNY Mellon Global Opportunistic Bond C USD LIBOR USD 3 Months

10.03%

1.03%

BNY Mellon Global Opportunistic Bond Fund* Summary

*Effective 1 October 2013 the fund changed its name to the BNY Mellon Global Opportunistic Bond Fund from BNY Mellon Evolution Global Strategic Bond Fund. 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

Why Standish? Standish, one of BNY Mellon’s investment specialists, is a top tier, fixed income-focused investment specialist with strong emphasis on research

Performance aim The Fund aims to deliver cash (3 Months USD LIBOR) + 4% p.a. over 5 years before fees. However, a

positive return is not guaranteed and a capital loss may occur.

Track record Established long-term track record in managing Opportunistic Fixed Income-style portfolios

Investment

philosophy Emphasis on fundamental research results in idiosyncratic positions and reduces systematic risk

Investment

approach

Rigorous investment process based on in-depth fundamental country analysis supported by the discipline

of quantitative models

Experienced Dedicated fixed income and credit manager founded in 1933

19

BNY Mellon Global Opportunistic Bond Fund Share classes

Please note, further share classes are available. Please refer to the prospectus for further information. Please note that the annual management fee for the A & H share classes was reduced from 1.4% to 1.25% and for the C & I share classes from 0.75% to 0.65% with effect from the 1st October 2013 when the fund changed its name from the BNY Mellon Evolution Global Strategic Bond Fund to BNY Mellon Global Opportunistic Bond Fund.

20

Share class Initial

sales charge

Minimum initial

investment

Annual

management fee*

Redemption

fee ISIN Code Bloomberg Code

USD A Up to 5% USD 5,000 1.25% None IE00B504K737 BNYEGAU

USD C Up to 5% USD 5,000,000 0.65% None IE00B4Z6LR49 BNYEGCU

EUR I (Hedged) Up to 5% EUR 5,000,000 0.65% None IE00B59QW079 BNYEGIE

EUR H (Hedged) Up to 5% EUR 5,000 1.25% None IE00B44TBJ69 BNYEGHE

Standish Opportunistic Fixed Income Composite

21

2012 2011 2010 20091

Asset-weighted (Gross) Composite 12.45 -0.40 12.28 24.28

Asset-weighted (Net) Composite 11.89 -0.90 11.73 23.71

US$ 3 Month LIBOR 0.51 0.27 0.33 0.99

Composite 3-Year Standard Deviation 4.07 5.39 N/A2 N/A2

Benchmark 3-Year Standard Deviation 0.06 0.14 N/A N/A

Number of portfolios3 — — — —

Composite assets (US$mm) 900 575 300 276

Firm Assets (US$mm)4 104,539 86,804 78,393 63,448

Composite dispersion5 N/M N/M N/M N/M

1Composite performance started on January 1, 2009; 2Composite track record lacks the required 36 months necessary for this calculation; 3 Composite contained 5 or fewer Portfolios; 5Internal Asset Weighted

Standard Deviation. Only includes accounts which were in composite for entire calculation period. Composite Dispersion figures for years containing 5 or fewer Portfolios are considered Not Meaningful or "N/M”.

The Opportunistic Fixed Income composite measures the total return of all fee-paying, discretionary, fixed income portfolios whose primary investment objective is “absolute return” through active sector allocation among, and security selection within, the following broad-market fixed income sectors: high yield, investment grade credit, emerging markets, agency mortgages, US and Non-US Government securities, TIPS, non-dollar, structured products, bank loans, and municipal bonds. Minimum portfolio size for inclusion is $25 million. The frequent use of derivatives (futures, options, forwards, short positions and other derivatives) is a significant characteristic of this investment strategy. Derivatives are used to create long and short positions, as well as to manage risk. The composite was created on January 1, 2009. No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request.

The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation as well as assets managed by Alcentra NY, LLC personnel acting as dual officers of Standish.

4Effective January 1, 2013, certain cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation were transferred to Standish. Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC.

The benchmark for this composite is the 3 month US dollar LIBOR Index (London-Interbank Offered Rate - British Bankers’ Association Fixing for U.S. Dollar). The fixing is conducted at 11:00 am (London time). The rate is an average derived from the quotations provided by the banks determined by the British Bankers’ Association. The top and bottom quartile is eliminated and an average of the remaining quotations is calculated to arrive at the fixing. The index is calculated on an ACT/360 basis and for value two business days after the fixing. Please note that for the overnight rate, the value date is on the same day as the fixing date, with the maturity date falling the next business day for both centers. Total return comprises income as a percentage of the original investment. This benchmark was added on January 1, 2011.

The standard management fee for the style is: 0.50% of all assets. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Performance results are presented both before and after the deduction of management fees. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio.

Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, 2011. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request.

Standish Long Duration Opportunistic Composite

22

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

Asset-weighted (Gross) Composite 14.65 21.03 17.60 17.96 -0.84 10.12 3.69 6.57 9.89 7.78

Asset-weighted (Net) Composite 14.42 20.79 17.37 17.72 -1.04 9.89 3.48 6.35 9.66 7.56

Barclays Long Govt/Cred Index 8.78 22.49 10.16 1.92 8.44 6.60 2.71 5.33 8.56 5.87

US$ 3 Month LIBOR 0.51 0.27 0.33 0.99 3.83 5.61 5.12 3.14 1.30 1.29

Composite 3-Year Std. Deviation 7.85 8.53 12.44 12.09 11.53 6.99 7.80 10.31 10.90 10.95

Benchmark 3-Year Std. Deviation 8.19 8.98 12.18 11.65 10.94 6.47 7.38 9.60 9.80 9.75

Number of portfolios1 — — — — — — — — — —

Composite assets (US$mm) 2,676 1,778 1,472 1,250 1,081 1,150 1,040 965 905 778

Firm assets (US$mm)4 104,539 86,804 78,393 63,448 185,793 169,557 161,772 142,845 214,8342 200,7322

Composite dispersion3 N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M

Composite performance started on 1 October 1997; 1Composite contained 5 or fewer portfolios;2Please note that from September 2003 to June 2005, Standish provided non-discretionary investment

management advisory services for approximately $100 billion in securities lending collateral; 3Internal asset -weighted standard deviation. Only includes accounts which were in composite for entire calculation

period. Composite Dispersion figures for years containing 5 or fewer portfolios are considered Not Meaningful or "N/M".

The Long Duration Opportunistic composite measures the total return of all fee-paying, discretionary, fixed income portfolios with an effective duration primarily 11 years or greater and whose primary investment objective is “absolute return” through active sector allocation among, and security selection within, the following broad-market fixed income sectors: high yield, investment grade credit, emerging markets, agency mortgages, US and Non-US Government securities, TIPS, non-dollar, structured products, bank loans, and municipal bonds. Minimum portfolio size for inclusion is $25 million. Portfolios may invest in sectors outside of the index which may involve higher risk and tracking error relative to the benchmark. The frequent use of derivatives (futures, options, forwards, short positions and other derivatives) is a significant characteristic of this investment strategy. Derivatives are used to create long and short positions, as well as to manage risk. The composite was created on May 2, 2012. No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request.

The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation as well as assets managed by Alcentra NY, LLC personnel acting as dual officers of Standish.

4 Effective January 1, 2013, certain cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation were transferred to Standish. Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC. This composite’s benchmark is the Barclays Long Government/Credit Index. The Barclays Long Government/Credit Index is comprised of dollar denominated, investment grade rated

corporate and government bonds with at least $250 million par amount outstanding, a maturity of ten years or more and at least one year to final maturity. The secondary benchmark for this composite is the 3 month US dollar LIBOR Index (London-Interbank Offered Rate - British Bankers’ Association Fixing for U.S. Dollar). The fixing is conducted at 11:00 am (London time). The rate is an average derived from the quotations provided by the banks determined by the British Bankers’ Association. The top and bottom quartile is eliminated and an average of the remaining quotations is calculated to arrive at the fixing. The index is calculated on an ACT/360 basis and for value two business days after the fixing. This benchmark was added on January 1, 2013. Some composite participants may be measured against a client mandated benchmark different from the composite benchmark. This has no impact on the implementation of the investment strategy. Composite participants are using a different pricing vendor than the composite's benchmark.

The standard management fee for this style is: 0.30% of assets on the first $50 million, 0.25% of assets on the next $50 million, 0.20% of assets thereafter. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio.

Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, 2011. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request.

Important information

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.

This is a financial promotion for Professional Clients and/or distributors only. This is not intended as

investment advice. You should read the Prospectus and Key Investor Information Document (KIID) for each

fund in which you want to invest. The Prospectus and KIID can be found at www.bnymellonam.com. The

Prospectus can be obtained from BNY Mellon Global Management Limited, 33 Sir John Rogerson’s Quay,

Dublin 2, Ireland.

All information relating to BNY Mellon Global Opportunistic Bond Fund (‘the Fund’) and Standish Mellon Asset

Management Company, LLC (Standish) has been prepared by Standish for presentation by BNY Mellon

Investment Management EMEA Limited (BNYMIM EMEA, formerly named BNY Mellon Asset Management

International Limited). Any views and opinions contained in this document are those of Standish as at the date

of issue, are subject to change and should not be taken as investment advice. BNYMIM EMEA and its

affiliates are not responsible for any subsequent investment advice given based on the information supplied.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a

generic term to reference the corporation as a whole or its various subsidiaries. All rankings based on

worldwide assets under management for The Bank of New York Mellon Corporation as at 31 December 2011,

unless otherwise stated.

Unless otherwise noted, all references to total assets under management (AUM) (which are approximate),

provided by The Bank of New York Mellon Corporation, are as at 30 September 2013. AUM for The Boston

Company Asset Management, EACM Advisors, Mellon Capital Management Corporation and Standish Mellon

Asset Management Company LLC includes assets managed by those individual firms’ officers as associated

persons, dual officers or employees of The Dreyfus Corporation. In addition, AUM / OUM for the following

firms may include assets managed by them as non-discretionary investment manager for, or by the individual

firms’ officers as dual officers or employees of, The Bank of New York Mellon: The Boston Company Asset

Management, LLC, The Dreyfus Corporation and its BNY Mellon Cash Investment Strategies division, Mellon

Capital Management Corporation, Newton Capital Management Limited (part of The Newton Group), Standish

Mellon Asset Management Company LLC, and CenterSquare Investment Management, Inc. AUM includes

BNY Mellon Wealth Management, Ankura Capital and external data.

The Bank of New York Mellon Corporation holds over 95% of the parent holding company of Alcentra group,

90% of The Boston Company Asset Management, LLC, a 19.9% minority interest in The Hamon Investment

Group Pte Limited, the parent company of Blackfriars Asset Management Limited, Hamon Asset Management

Limited and Hamon Asian Advisors Limited, through which Hamon offers investment services in the US, a

20% minority interest in Siguler Guff & Company LLC and certain related entities and owns 100% of Meriten

Investment Management GmbH (previously named WestLB Mellon Asset Management, formerly a 50:50 joint

venture with Portigon(formerly WestLB AG). BNY Mellon Beta & Transition Management is a division of The

Bank of New York Mellon, a wholly-owned banking subsidiary of The Bank of New York Mellon Corporation.

BNY Mellon Cash Investment Strategies is a division of The Dreyfus Corporation. AUM outlined for Newton

represents the aggregate AUM of the following affiliated companies: Newton Investment Management

Limited, Newton Capital Management Limited, Newton International Investment Management Limited and

Newton Fund Managers (CI) Limited. ARX is the brand used to represent the Brazilian investment capabilities

of ARX Investimentos Ltda.

This document should not be published in hard copy, electronic form, via the web or in any other medium

accessible to the public, unless authorised by BNYMIM EMEA to do so. No warranty is given as to the

accuracy or completeness of this information and no liability is accepted for errors or omissions in such

information.

Portfolio holdings are subject to change at any time without notice, are for information purposes only and

should not be construed as investment recommendations.

This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any

circumstances in which such offer or solicitation is unlawful or not authorised.

The Fund may not be registered for sale in all markets. The Fund is a sub-fund of BNY Mellon Global Funds,

plc 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

(UCITS) pursuant to the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2011 (SI. No. 352 of 2011). The Manager of BNY Mellon Global Funds, plc is BNY

Mellon Global Management Limited (BNYMGM), 33 Sir John Rogerson’s Quay, Dublin 2, Ireland. The

Manager is approved as a management company and regulated by the Central Bank of Ireland under the

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011

(SI. No. 352 of 2011). The Global (ex. US) Distributor of BNY Mellon Global Funds, plc is BNYMIM EMEA.

ICVC investments should not be regarded as short-term and should normally be held for at least five years.

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Important information

There is no guarantee that the Fund will achieve its objective. This Fund invests in international markets which

means it is exposed to changes in currency rates which could affect the value of the Fund. The Fund will use

derivatives to generate returns as well as to reduce costs and/or the overall risk of the Fund. Using derivatives

can involve a higher level of risk. A small movement in the price of an underlying investment may result in a

disproportionately large movement in the price of the derivative investment. Investments in bonds are affected

by interest rates and inflation trends which may affect the value of the Fund. The Fund holds bonds with a low

credit rating that have a greater risk of default. These investments may affect the value of the Fund. The Fund

invests in emerging markets. These markets have additional risks due to less developed market practices.

The Fund takes its charges from the capital of the Fund. Investors should be aware that there is potential for

capital erosion if insufficient capital growth is achieved by the Fund to cover the charges. Capital erosion may

have the effect of reducing the level of income generated. A complete description of risk factors is set out in

the Prospectus in the section entitled "Risk Factors".

This document is issued in Belgium by BNYMIM EMEA, BNY Mellon Centre, 160 Queen Victoria Street,

London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct

Authority.

BNYMIM EMEA, BNY Mellon Global Management Limited, Standish and any other BNY Mellon entity

mentioned are all ultimately owned by The Bank of New York Mellon Corporation.

Issued as at 07-02-2014 CP12057-07-05-2014(3M)

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