BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. Declares Monthly Distribution and Announces Reduction in Monthly Distribution Amount

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) today announced a monthly cash distribution of $0.035 per share of common stock, payable on June 26, 2023, to shareholders of record at the close of business on June 9, 2023. The ex-dividend date is June 8, 2023. The previous distribution declared in April was $0.050 per share of common stock.

By reducing the Fund's monthly distribution amount, the Fund is attempting to strike a balance between its investment objectives of seeking to provide high current income and of returning at least the Original NAV (as defined below) on or about December 1, 2024 (the "Termination Date").¹ The Fund currently intends to set aside and retain in its net assets a portion of its net investment income, and possibly all or a portion of its capital gains. This will reduce the amounts otherwise available for distribution prior to the Termination Date, and the Fund may incur taxes on such retained amount. Such retained income or capital gains, net of any taxes, will constitute a portion of the liquidating distribution returned to holders of Common Shares on or about the Termination Date.

As portfolio and market conditions may change, the distribution rate, the composition of distributions and the Fund's policy to declare distributions monthly may be subject to change, including by the Fund's Board of Directors.

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 $1.9 trillion in assets under management as of March 31, 2023. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from seven 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 $46.6 trillion in assets under custody and/or administration as of March 31, 2023. 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.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The 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. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value of the Fund’s portfolio. There is no assurance that the Fund will achieve its investment objectives.

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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¹ The Fund's investment objectives are to seek high current income and to return at least $9.835 per Common Share (the initial public offering price per Common Share (as defined below) after deducting a sales load of $0.165 per Common Share but before deducting offering costs of $0.02 per Common Share ('Original NAV')) to holders of record of shares of the Fund’s common stock ("Common Shares") on the Termination Date (subject to certain extensions). The objective to return at least the Original NAV is not an express or implied guarantee obligation of the Fund, BNY Mellon Investment Adviser, Inc., Alcentra NY LLC or any other entity, and an investor may receive less than the Original NAV upon termination of the Fund. There is no assurance the Fund will achieve either of its investment objectives and achieving its investment objectives will depend on a number of factors, including market conditions and the success of various portfolio strategies and cash flow management techniques. Based on market conditions as of the date of this press release, management anticipates that the likelihood of the Fund achieving its objective of returning its Original NAV upon termination of the Fund has decreased substantially since the Fund's inception.

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