Regional Market Outlook 2009

BNY Mellon Asset Management is the global asset management arm of The Bank of New York Mellon Corporation, one of the world's largest financial services groups with operations in 37 countries serving more than 100 markets.

Each of the specialist managers within BNY Mellon’s boutique of more than 15 offers a unique investment philosophy which has enabled them to become leaders in their respective fields. Our structure encourages an entrepreneurial, focused approach to investment and creates an environment in which individual investment cultures are able to thrive.

What follows represents the views of 10 of the specialist asset managers under the BNY Mellon Asset Management umbrella. The outlooks provided cover all of the major asset classes.

Important Imformation
^{This document does not constitute investment advice and is for professional investors and/or distributors only. The statements and opinions expressed in this document are those of the author at the time of going to print, and do not necessarily represent the views of BNY Mellon Asset Management International Limited or any of its affiliates. The document and the opinions contained within should not be construed as an offer to sell or a solicitation of an offer to buy any security.}

^{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 document is issued in the UK, mainland Europe (excluding Germany) and Korea by BNY Mellon Asset Management International Limited. BNY Mellon Asset Management International Limited, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Services Authority.}

^{In Germany, this document is issued by WestLB Mellon Asset Management Kapitalanlagegesellschaft mbH, which is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. WestLB Mellon Asset Management was formed as a 50:50 joint venture between The Bank of New York Mellon Corporation and WestLB AG.}

^{In Dubai, United Arab Emirates, this document is issued by the Dubai branch of The Bank of New York Mellon, which is regulated by the Dubai Financial Services Authority.}

^{If this document is used or distributed in Hong Kong, it is issued by BNY Mellon Asset Management Hong Kong Limited, whose business address is Unit 1501-1503, 15/F Vicwood Plaza,199 Des Voeux Road, Central, Hong Kong. BNY Mellon Asset Management Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission and its registered office is at 6th floor, Alexandra House, 18 Chater Road, Central, Hong Kong.}

^{If this document is used or distributed in the United States of America, it is issued by Dreyfus Investments, a division of MBSC Securities Corporation, located at 200 Park Avenue, New York NY 10166, USA. MBSC Securities Corporation is a member of FINRA.}

^{In Singapore, this document is issued by The Bank of New York Mellon, Singapore Branch for presentation to professional investors. The Bank of New York Mellon, Singapore Branch, One Temasek Avenue, #02-01 Millenia Tower, Singapore 039192. Regulated by the Monetary Authority of Singapore.}

^{The Bank of New York Mellon Corporation owns a 19.9% minority interest in The Hamon Investment Group Pte Limited, the parent company of Hamon Asset Management Limited. BNY Mellon ARX is the brand used to represent the Brazilian investment capabilities of BNY Mellon ARX Investimentos Ltda and BNY Mellon Gestão de Patrimônio Ltda. The investment company dedicated to the management of any particular investment will depend on the strategy and domicile of the investment.}

^{Mitsubishi UFJ Asset Management (UK) Ltd. part of the Mitsubishi UFJ Financial Group and have been invited to manage the BNY Mellon Japan Equity Value Fund by the management company. They are not owned by the Bank of New York Mellon Corporation.}

^{BNY Mellon Asset Management International Limited, Standish Mellon Asset Management Company LLC, Newton Investment Management Limited, BNY Mellon ARX Investimentos Ltda, BNY Mellon Gestão de Patrimônio Ltda, Pareto Investment Management Linited, Mellon Capital Management Corporation, The Boston Company Asset Management, LLC, Urdang Securities Management and any other BNY Mellon entity mentioned are all ultimately owned by The Bank of New York Mellon Corporation.}

^{CP2762-21-11-2008 (6M)}