LONDON, December 3, 2007 — The Newton Global Higher Income Fund has celebrated its second birthday with £250 million in assets under management having delivered a return of over 40% since inception*. This represents approximately twice the return of the average fund in the IMA Global Growth sector, placing the Fund firmly in the first quartile in all time periods of its sector peer group since launch.

The Fund draws on Newton's expertise for investing for income and its enviable track record in the management of global equities. Launched following an extensive survey among intermediaries that revealed an over-reliance on the domestic UK market for income, it offers investors the ability to participate in dynamic overseas markets without sacrificing yield ambitions.

The manager, James Harries, applies strict yield criteria to stock selection that only allows stocks offering a 50% premium to the FTSE World index to be purchased, and any stock whose yield falls below a 25% premium must be sold. Strong stock selection within a thematic framework has led the manager to produce strong performance, resulting in consistent first quartile performance.

Commenting, James Harries said: "In the past, investors flocked to the UK as a leading source of dividend yield, but there is a increased awareness of the benefits in diversifying away from the home market. Earnings growth potential in developed and developing world markets coupled with structurally higher payout ratios are two major factors contributing to the growing trend of offering investors an attractive, globally diversified and growing income stream."

Mark Allpress, Director, Wholesale Business Development at BNY Mellon Asset Management, added: "In an uncertain financial climate we feel it is vital to offer investors high yielding, diversified funds with steady income flows in order to help cushion the effect of any potential market decline. We are delighted that the Global Higher Income Fund has performed so well and had such a broad appeal."

The Newton Global Higher Income Fund is A rated by both S&P and OBSR.

For details on the 2008 Joint Investment Forum held in conjunction with M&G, Gartmore and Schroders, please visit www.newton.co.uk. At these dedicated intermediary events James Harries will be discussing how, with the ever-increasing demand for income, investors need to have a more flexible approach in their search for income and be prepared to invest away from home.

Newton Investment Management Limited is a London-based UK asset management subsidiary of The Bank of New York Mellon Corporation. With assets under management of more than £38 billion, the company provides a broad range of award-winning investment products and services to individuals, pension funds, charities and corporations. Newton has offices in London, Edinburgh, Leeds and Jersey. 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 $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.

Newton Global Higher Income Fund is a sub-fund of the Mellon Investment Funds ICVC (Investment Company with Variable Capital) umbrella, authorised by the Financial Services Authority, and the investment manager is Newton Investment Management Limited. The Authorised Corporate Director is Mellon Fund Managers Limited which is authorised and regulated by the Financial Services Authority and a member of the IMA.

Source: *Lipper Hindsight as of 31 October. All information and figures source Newton unless otherwise stated as at 30 September 2007. This press release is issued by Newton Investment Management Limited to members of the financial press and media and the information contained herein should not be construed as investment advice. 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. 1371973. Authorised and regulated by the Financial Services Authority.
A Bank of New York Mellon Company^SM