NEW YORK, October 5, 2005 – Mellon HBV Alternative Strategies LLC, a
subsidiary of Mellon Financial Corporation, today announced that it has
established a specialist research team in Hong Kong to cover Asian
markets.  This team will support Mellon HBV’s global multi-strategy
discipline and identify further event-driven opportunities throughout
Asia.

Andy Shpiz, Asian research director for Mellon HBV, will lead a team of
three Mellon research analysts: Eddie Hui, fluent in Mandarin and
Cantonese; Shen Lin, fluent in Mandarin; and Shizuka Lisa Saito, who is
based in London and fluent in Japanese. Shpiz and Lin have been assigned
to Mellon Global Investments (MGI) Asia Limited’s Hong Kong office on
a temporary basis, where they will join MGI Asia’s Hui to conduct
research on Asia opportunities for Mellon HBV’s portfolio managers.

“Asia is the next frontier for us,” said Mickey Harley, chief
executive officer at Mellon HBV.   “With HBV now having access to
local research provided by its MGI Asia affiliate, we are well
positioned to capitalize on the many event-driven opportunities in the
region.” 

Mellon HBV Alternative Strategies LLC is an investment management
company that seeks superior risk-adjusted investment performance
primarily for institutional investors via an array of alternative
investment disciplines.  Headquartered in New York with a wholly owned
investment management subsidiary located in London, Mellon HBV has
combined assets under management in excess of $1.1 billion in distressed
(hedged distressed, long-biased trading oriented distressed, and long
only control oriented distressed) and event-driven (Global Event Driven,
U.S. Event Driven and European Event Driven) investing.  Mellon HBV
Alternative Strategies is a U.S. Securities and Exchange Commission
registered investment advisor, and its subsidiary, Mellon HBV
Alternative Strategies U.K. Limited, is regulated by the Financial
Services Authority in the United Kingdom.

Mellon Financial Corporation is a global financial services company.
Headquartered in Pittsburgh, Mellon is one of the world’s leading
providers of financial services for institutions, corporations and high
net worth individuals, providing institutional asset management, mutual
funds, private wealth management, asset servicing, payment solutions and
investor services, and treasury services.  Mellon has approximately $4.2
trillion in assets under management, administration or custody,
including $738 billion under management.  Its asset management companies
include The Dreyfus Corporation and U.K.-based Newton Investment
Management Limited.  More about Mellon is available at www.mellon.com.