June 22, 2011

URDANG, Falcon Southwest Announce Acquisition of Villas at Hermann Park Apartment Community in Houston, Texas

BNY Mellon Investment Manager and Falcon Southwest See Rising Demand from Renters

PLYMOUTH MEETING, PA, June 22, 2011 — URDANG, the real estate investment manager and part of BNY Mellon Asset Management, and its joint venture partner Falcon Southwest have announced the acquisition of Villas at Hermann Park, a 320-unit Class A apartment community in Houston, Texas.

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 Cypress Real Estate Advisors of Austin, Texas, on a direct basis as the property was not broadly marketed for sale. Terms of the transaction were not disclosed.

Villas is an apartment complex within Texas Medical Center, a strong Houston submarket that includes nearly 34 million square feet of medical related facilities making it one of the largest medical centers in the world. Villas also is within three miles of four universities and located near Houston’'s museum district and downtown business center, placing it in an attractive location for those who want to live near these employment centers.

“"We were able to acquire a high quality asset at an attractive cost as a result of our partner’'s local market knowledge and ability to secure the property directly,”" said Jeff Reder, senior vice president, Urdang Capital Management. “"We expect the improvements we make will strongly improve Villas’' competitive position, enabling it to increase rental rates.”"

Improvements are expected to include the installation of stainless steel appliances, painting, and updating the common areas and leasing office with better lighting, furniture and artwork.

“"As a result of our experience in this submarket, we identified the opportunity to enhance the value at Villas and pursued the acquisition on a direct basis,”" said Phil Capron, chairman of Falcon Southwest. “"We expect the strength of growing demand for superior rental housing coupled with limited near-term supply will lead to healthy rent growth over the next few years.”" Notes to Editors:

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 $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)