Newton Higher Income Fund — one of the top funds in the IMA UK Equity Income sector following strong performance

London, 16 December 2008 — As 2008 draws to a close, the fund managers that can point to a genuine victory this year are few and far between. Newton Higher Income Fund could be a notable exception as 2009 may well see the Fund start the year as one of the highest ranked funds in a new look IMA Equity Income sector.*

The Newton Higher Income Fund is among only a handful of such funds that can claim to have grown its dividend for more than a decade. However, 2008 also saw market conditions reverse to strongly favour the Fund's approach.* The Fund is one of the leaders in the sector for consistent and growing income:

• achieving a top decile ranking for income distribution over 1, 3, 5 and 10 years* 
   
• delivering an attractive yield of 6.69% compared to a yield of 5.75% for the FTSE All Share and 4.67% for the IMA UK Equity Income average**
   
• delivering strong outperformance relative to the FTSE All Share and the IMA UK Equity Income sector over 1, 3, 5, and 10 years, earning the Fund a top quartile ranking in its sector over the same time periods*
   
• benefiting from strict yield discipline and Newton's global thematic approach

Following the IMA's recent announcement of the new stricter policing of the sector's yield requirement, Paul Feeney, Head of International Distribution at BNY Mellon Asset Management, said "In recent years, the IMA Equity Income sector has attracted criticism for the fact that a significant minority of its funds made little effort to deliver the 110% yield of the FTSE All-Share Index required by the IMA. The IMA has moved to address this and now all equity income investors stand to benefit.

"This is great news for income investors. We were supporters of this transition when the Newton Higher Income Fund's performance was struggling but now that market conditions again favour our approach, the Fund is already rising towards the top of its sector. Removing the 30 or so funds which fail to deliver the required yield could well see us start 2009 one of the higher ranked equity income funds in the UK."

Newton Investment Management Limited is a London-based global asset management subsidiary of The Bank of New York Mellon Corporation and part of BNY Mellon Asset Management. With assets under management of more than £34.6 billion, the company provides a broad range of award-winning investment products and services to individuals, pension funds, charities and corporations. News and other information about Newton is available at www.newton.co.uk.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $22.4 trillion in assets under custody and administration, approximately $1.1 trillion in assets under management and services approximately $12 trillion in outstanding debt. Additional information is available at www.bnymellon.com.

*Source Lipper Hindsight as at 28 November 2008. Based on quartile rankings over 1, 3 , 5 and 10 years to 30/11/08.

** Source Datastream as at 28 November 2008. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stocks market and currency movements. Initial Charge may have a significant impact on performance. When you sell your investment you may get back less than you originally invested.

All other information source BNY Mellon Asset Management International Limited as at 30 September 2008. This press release is issued by BNY Mellon Asset Management International Limited to members of the financial press and media and the information contained herein should not be construed as investment advice. Not available or offered to U.S. investors. Past performance is not a guide to future performance. Registered office: The Bank of New York Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorised and regulated by the Financial Services Authority.

A Bank of New York Mellon Company^SM