BNY Mellon Funds Announce "Change in Control" of Alcentra NY, LLC, the Funds' Sub-Adviser

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc., BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. and BNY Mellon Alcentra Opportunistic Global Credit Income Fund Announce "Change in Control" of Alcentra NY, LLC, the Funds' Sub-Adviser

NEW YORK--(BUSINESS WIRE)-- Alcentra NY, LLC ("Alcentra") serves as the sub-adviser to BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc., BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. and BNY Mellon Alcentra Opportunistic Global Credit Income Fund (the "Funds"), pursuant to a separate sub-advisory agreement with respect to each Fund (each, a "Current Sub-Advisory Agreement") between BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser"), each Fund's investment adviser, and Alcentra. Alcentra is currently an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), the parent company of BNYM Investment Adviser.

BNY Mellon has announced that it intends to sell all of its indirect equity interest in Alcentra (the “Transaction”) to Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton ("Franklin Templeton"). Franklin Templeton, through its specialist investment managers, offers boutique specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives, and multi-asset solutions. The Transaction is expected to be completed in the fourth quarter of 2022 (the "Closing Date"), subject to customary closing conditions, including regulatory approvals.

As a result of the Transaction, there will be a "change in control" of Alcentra, which will effect an assignment and automatic termination of each Current Sub-Advisory Agreement, pursuant to its terms and the applicable provisions of the Investment Company Act of 1940, as amended, as of the Closing Date. Consequently, each Fund's Board will be asked to approve a new sub-advisory agreement (each, a "New Sub-Advisory Agreement") between BNYM Investment Adviser and Alcentra, with respect to the applicable Fund, and call a Special Meeting of Shareholders to seek shareholder approval of a New Sub-Advisory Agreement. In addition, each Fund's Board will be asked to approve an interim sub-advisory agreement (an "Interim Sub-Advisory Agreement") between BNYM Investment Adviser and Alcentra, with respect to the applicable Fund, which would take effect in the event that the Transaction is effected before shareholder approval of the applicable New Sub-Advisory Agreement is obtained, and each Fund would continue to solicit shareholder approval of the applicable New Sub-Advisory Agreement while the applicable Interim Sub-Advisory Agreement is in place. Each New Sub-Advisory Agreement and Interim Sub-Advisory Agreement is intended to ensure that Alcentra can provide uninterrupted service as sub-adviser to each Fund after the Closing Date. If an Interim Sub-Advisory Agreement goes into effect, it would expire the earlier of 150 days after the Closing Date of the Transaction or upon shareholder approval of the applicable New Sub-Advisory Agreement.

There will be no increase in the advisory fee payable by the Funds to BNYM Investment Adviser as a consequence of the Transaction and the sub-advisory fee payable by BNYM Investment Adviser to Alcentra under each New Sub-Advisory Agreement and each Interim Sub-Advisory Agreement will be the same as that payable by BNYM Investment Adviser to Alcentra under the applicable Current Sub-Advisory Agreement. Each New Sub-Advisory Agreement and Interim Sub-Advisory Agreement is substantially similar in material respects to the applicable Current Sub-Advisory Agreement and each Fund's investment strategy, management policies and portfolio managers currently are not expected to change in connection with the implementation of either agreement.

This press release is not a solicitation of any proxy. A proxy statement further describing the Transaction and the applicable New Sub-Advisory Agreement and requesting that shareholders of the applicable Fund vote to approve the applicable New Sub-Advisory Agreement will be mailed to shareholders of record at a later date. Shareholders should read the proxy materials carefully when they are available because they contain important information about Franklin Templeton, the Transaction and the applicable New Sub-Advisory Agreement.

Important Information

BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Mellon Investment Management. BNY Mellon Investment Management is one of the world’s largest asset managers, with $2.3 trillion in assets under management as of March 31, 2022. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com.

BNY Mellon Investment Management is a division of BNY Mellon, which has $45.5 trillion in assets under custody and/or administration as of March 31, 2022. 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. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Each Fund's investment returns and principal values will fluctuate so that an investor’s shares may be worth more or less than the original cost. There is no assurance that a Fund will achieve its investment objective.

This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.

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For Press Inquiries:

BNY Mellon Investment Adviser, Inc.

Courtney Woolston

(212) 635-6027



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BNY Mellon Securities Corporation

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New York, New York 10286

1-800-334-6899

Source: BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.