BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. and BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. Announce Upcoming Portfolio Manager Changes

On May 30, 2022, The Bank of New York Mellon Corporation ("BNY Mellon"), the parent company of BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser") and Alcentra NY, LLC ("Alcentra"), the investment adviser and sub-adviser, respectively, for BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) and BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. (each, a "Fund" and, together, the "Funds") entered into a definitive agreement 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. The Transaction is expected to be completed on or about November 1, 2022, subject to customary closing conditions, including certain regulatory approvals (the "Closing Date").

On September 16, 2022, the Funds announced the appointment of Brandan Chao as a primary portfolio manager of the Funds, effective as of the Closing Date. Mr. Chao joined Alcentra in March 2017 and is a Managing Director and Senior Portfolio Manager and a member of the Structured Credit team. He is responsible for analyzing investments in structured products across Alcentra's funds. Mr. Chao joined Alcentra from Omega Advisors, where he worked for five years as a senior analyst covering structured products with a focus on CLO equity and mezzanine investing and opportunistic corporate credit. Prior to that, he worked at King Street Capital Management, investing in corporate structured products, high yield, and distressed credit, and at Credit Suisse, performing leveraged finance research. Mr. Chao has a B.S. in Finance from the Massachusetts Institute of Technology and holds the Chartered Financial Analyst (CFA^®) designation.

BNYM Investment Adviser will continue to serve as each Fund's investment adviser, and Alcentra will continue to serve as each Fund's sub-adviser. The investment strategies of the Funds are not changing and each Fund will be managed by its portfolio management team after the Closing Date, as outlined below:

As of the Closing Date, Hiram Hamilton and Suhail A. Shaikh will no longer serve as primary portfolio managers of BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. and Mr. Hamilton will no longer serve as a primary portfolio manager of DCF.

In addition, in connection with Mr. Chao's appointment as a primary portfolio manager of BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc., the Fund's Board of Directors approved Mr. Chao as a "key person" for purposes of a "key person event" (as that term is defined in the Fund's initial public offering prospectus, as supplemented), which will be triggered if any two of Chris Barris, Brandon Chao, Kevin Cronk or Jonathan DeSimone depart Alcentra or cease to manage/supervise the affairs of the Fund during the life of the Fund.

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BNY Mellon Investment Adviser, Inc., the investment adviser for the Funds, and Alcentra NY, LLC, the sub-adviser for the Funds, are 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 June 30, 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 $43 trillion in assets under custody and/or administration as of June 30, 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.

The Funds' 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.

Forward-Looking Statements

Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate," "preliminary" or other similar words are forward-looking statements.

Various forward-looking statements in this press release relate to the acquisition by Franklin Resources, Inc. ("Franklin") of Alcentra from BNY Mellon.

These forward-looking statements are based upon current beliefs and expectations and are subject to a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Important transaction-related and other risk factors that may cause such differences include, but are not limited to the following: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition agreement; and (ii) the transaction closing conditions may not be satisfied in a timely manner or at all, including due to the failure to obtain regulatory and Alcentra client approvals.

For a detailed discussion of other risk factors regarding Franklin and BNY Mellon, please refer to the risks, uncertainties and factors described in Franklin's and BNY Mellon's recent filings with the U.S. Securities and Exchange Commission, including, without limitation, Franklin's and BNY Mellon's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent periodic and current reports.

All forward-looking statements in this press release speak only as of the date on which such statement is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. BNY Mellon, Franklin, Alcentra and the Funds undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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