LONDON, 22 October 2008 — S&P Fund Services, the fund analysis and ratings agency, has upgraded three Newton funds to AA rating.

The three funds part of the BNY Mellon Investment Funds range are the Newton Growth Fund — managed by Richard Wilmot, the Newton Income Fund — managed by Christopher Metcalfe, and the Newton UK Opportunities Fund — managed by Ben Russon.

All three funds have been upgraded from an A to a AA rating following recognition from S&P for their consistency and the quality of their analytical processes implemented by investment teams which were described as "settled and stable". Furthermore, the Newton UK Opportunities Fund was recognised for producing good returns achieved with lower than average volatility and a strong medium-term performance record.

All three funds follow Newton's long-standing investment process of identifying global investment themes and selecting stocks and sectors that are set to benefit. A measure of the success of this process also lies in the stocks and sectors it chooses to avoid. Most significantly Newton's funds have greatly benefited by avoiding investments in both the volatile financial and mining sectors ahead of their peers.

Standard & Poor's stated: "It is the continued strength of Newton's global thematic process and the fund managers' ability to demonstrate consistency in today's volatile markets that have made all three funds deserving of an upgrade to AA."

All three funds sit within the IMA UK All Companies sector. The Newton Income Fund is designed to offer investors the opportunity for capital growth and income from a portfolio of predominantly UK securities. The fund rose 18% in 2007 ranking it top percentile in the S&P peer group and despite a fall in the first half of 2008, it is proving more resilient than its peers.

The Newton UK Opportunities Fund aims to maximise long-term capital growth from a concentrated portfolio of the manager's highest-conviction stock ideas and ranks top quartile over three years in the S&P peer group.

The objective of the Newton Growth Fund is to achieve long term capital growth and like its aforementioned peers, is invested predominantly in a portfolio of UK securities. However, the fund can also have a small exposure to international equity and bond markets and can invest in collective investment schemes. It is ranked top quartile over three and five years in the S&P peer group.

Commenting on the funds' upgrade, Helena Morrissey, Chief Executive Officer of Newton Investment Management, said: "Against a backdrop of heightened economic turmoil and continued stock market volatility, it is great to be recognised for the consistency of our investment process by S&P Fund Services. It's testament to our strong team based approach built on the premise of identifying global themes."

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 £38 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, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt. Additional information is available at bnymellon.com.

Newton Growth Fund, Newton Income Fund and Newton UK Opportunities Fund are all sub-funds of BNY Mellon Investment Funds, an Investment Company with Variable Capital (ICVC) incorporated in England and Wales under registered number IC27 and authorised by the Financial Services Authority. BNY Mellon Fund Managers Limited (BNYMFM) is the Authorised Corporate Director. BNY Mellon Fund Managers Limited, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1998251 Authorised and regulated by the Financial Services Authority. The investment adviser of the Newton sub-funds is Newton Investment Management Limited (NIM).

All 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