Excited neutral hyperons Y 0 * produced in the pp → pK + Y 0 * reaction with a COSY beam momentum of 3.65 MeV/c have masses below 1540 MeV/c 2 . The ANKE spectrometer allows the simultaneous observation of different decay modes: The cross section for Y 0 * is of the order of few hundred nanobarns. It can be either a Σ 0 or a Λ hyperon and on the basis of existing data no conclusion could be made whether it is a three-quark baryon or an exotic state. Missing-and invariant-mass techniques have been used to identify the Λ(1405) resonance decaying via Σ 0 π 0 . The cross section for Λ(1405) production is equal to (4.5±0.9stat ±1.8syst) µb. The shape and position of the Λ(1405) distribution are similar to those found from other decay modes, so no support is given to the two-pole model.