Changing benchmark to show future real returns

London, 1 December 2009 — Newton Investment Management announces that it has changed the benchmark of the Newton Global Dynamic Bond Fund to a cash benchmark of LIBOR 1 month GBP + 2% per annum (gross) in order to allow shareholders to compare the Fund’s future returns with real returns as opposed to viewing a relative return against a customised benchmark. Launched on 28 April 2006, the Fund has weathered the volatile bond market environment to produce a total return of 22.51% since launch.*

The changes took affect on 30 November 2009. Prior to this change, the Fund tracked a customised benchmark. There will be no change to the Fund’s objective of aiming to maximise the total return (income and capital growth) from a diverse range of bonds and currencies around the world.

Managed by Paul Brain, Investment Leader - Fixed Income at Newton, the Fund employs a dynamic, unconstrained approach to asset allocation within a broad fixed income universe. It invests opportunistically in four principal asset classes; government bonds, emerging market sovereign debt, and investment grade and high-yield corporate instruments. It also invests in currencies and holds derivatives as appropriate to generate additional returns and to control risk.

The Fund has an evolving strategy where the Fund Manager seeks to identify key areas of opportunity and risk in bond and currency markets. Newton's organisational structure encourages lateral thinking, fluid communication and the swift implementation of ideas, which is highly favourable to the management of an unconstrained bond and currency strategy, such as the Newton Global Dynamic Bond Fund. Newton seeks to fulfil the Fund's objectives by harnessing Newton’s global themes to identify long-term trends that affect bond and currency markets.

Paul Brain comments "We believe that flexibility is a key element of successful investment in bond and currency markets. During economic cycles, different fixed-interest asset classes enjoy success at different times and, in order to take advantage of the changing fortunes of these different asset classes, a dynamic approach to asset allocation is critical.

"We also believe that our investment approach differentiates us from many of our competitors. We do not use rigid statistical models or narrow theories to invest in bond and currency markets on behalf of our clients. Instead, we gain perspective from our themes, which identify the key trends and relationships inherent in an ever-changing world. Our approach means that we maintain a significant degree of flexibility, which allows us to adapt our ideas, and the investments that derive from those ideas, in anticipation of changes in economies, markets and industries."

Newton Investment Management is part of BNY Mellon Asset Management.

Newton 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 $65 billion, including assets managed by Newton Investment Management as dual officers of Newton Capital Management Limited and The Bank of New York Mellon, Newton's group of affiliated companies 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 the umbrella organisation for The Bank of New York Mellon Corporation’s affiliated investment management firms and global distribution companies.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon 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. BNY Mellon 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 $22.1 trillion in assets under custody and administration and $966 billion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.

* Source: Lipper as at 31 October 2009. Total return including income net of UK tax and annual charges, but excluding initial charge. The impact of the initial charge, which may be up to 4%, can be material on the performance of your investment. Performance figures including the initial charge are available upon request. Newton Global Dynamic Bond 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 authorized by the Financial Services Authority. BNY Mellon Fund Managers (BNY MFM) 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 is Newton Investment Management Limited (NIM). All other information source BNY Mellon Asset Management International Limited as at 30 September 2009. This press release is qualified for issuance in the UK only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorised. 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. 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.