Fund may be a safe haven during market turbulence

LONDON, 30 July 2008 — The Newton Absolute Intrepid Fund has moved from the Active Managed Sector to the new Investment Management Association (IMA) Absolute Return Sector.

The £365 million Newton Absolute Intrepid Fund aims to capitalise principallyon strong equity and bond ideas, while at the same time using other assets and derivatives to smooth returns andprotect on the downside. Newton believes this could be an ideal vehicle for investors in an increasingly volatile market.

Iain Stewart, Director of Investment Management at Newton said: "It's a fairly simple product —rather than using passive diversification, the fund draws on our global thematic investment process, which has served our multi-asset clients well for more than 20 years. The resulting portfolio is a highly active and focused list of assets which reflects Newton's views about the world, constructed with a strong emphasis on value and capital preservation."

Paul Feeney, Head of International Distribution for BNY Mellon Asset Management, the distributor of the Newton managed range of pooled funds, said: "The IMA's new Absolute Return Sector is the logical home for the fund and should allow financial advisers and their clients to better understand the fund's distinctive approach to investing for absolute returns. As we move into a lower return environment, we expect to see a greater demand for absolute return type offerings."

The objective of the Fund is to achieve positive real rates of return from a portfolio of UK and international securities over the longer term.

The Fund will continue to be managed by Iain Stewart, an investor with over 22 years experience of managing money, and the Newton Investment team.

The IMA announced the launch of the new Absolute Return Sector on 28 April, 2008.

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 £37 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.

BNY Mellon Asset Management is one of the world's largest global asset managers with more than US$1 trillion in assets under management. The multi-boutique asset management model encompasses the investment skills of world class specialist asset managers who are amongst the most advanced and highly regarded names in money management. With investment expertise that spans the asset class spectrum, BNY Mellon Asset Management offers a comprehensive suite of beta-achieving and alpha-generating investment strategies to meet the unique needs of institutional investors. Additional information is available at bnymellon.com.

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 $23 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.

The Newton Absolute Intrepid Fund is a sub-fund 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 June 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